The Binance Chain development team has announced that it will soon retire its current BNB Chain Multi-Signature (Multi-Sig) Wallet and has urged users to move their funds to Safe Global.
The update was shared on their team’s official X account, and according to the explanations, they made users understand that the transition would help enable the functionality of the wallet and security for users on the BNB Smart Chain and other EVM-compatible networks.
The BNB Safe Wallet was originally built on the Gnosis Safe protocol but will be fully decommissioned in the coming weeks. According to the developers, the process of migration has started, and they advised users to move quickly in order to keep their crypto safe. In the post, the team emphasized the importance of this migrating update.
To help users and also simplify the process, the BNB Chain developers provided a step-by-step migration guide that can be accessed through the Safe interface. They also explained that some transaction details might not be immediately visible during the migration phase until the new base contract is fully synchronized to the blockchain.
Also Read: Shiba Inu Gains Momentum, Signaling Potential Breakout to $0.00002370 Soon
The migration process starts when users connect any of their already existing signer wallets to their Safe Account. Once they are done connecting, they must then proceed to import their former wallet details by entering the wallet’s name and address. Once they successfully complete that step, the system will automatically detect whether the user’s wallet is based on an unsupported contract.
And if it is, warnings will appear like “Base contract is not supported” or “Safe Account was created with an unsupported base contract.” These alerts just show that the wallet needs to be upgraded to the latest version.
Source: BNB Chain Developers (X)
Once the migration is complete, all the future transactions will appear as normal, and any kind of restrictions connected to the old wallet contract will be removed.
According to the Binance Chain developers, it is better for users to verify their migration details carefully using external verification tools like Safe Utils or the Transaction Decoder. This extra step would help all transaction data and wallet addresses match correctly before the migration is finalized.
Also Read: Kraken Chief Criticizes UK Crypto Restrictions, Warns of Harm to Retail Investors
