BNB Chain Retires Multi-Sig Wallets; Migrate to Safe Global
BNB Chain announced that it will decommission its multi-sig wallet service on November 12, urging all users to migrate to Safe Global to maintain asset security. The migration channel is now open. Users must import their existing multi-sig addresses and follow the provided migration guide. Any non-migrated wallets will display a “Base contract is not supported” warning, effectively disabling them. This transition aims to consolidate security features and ensure ongoing support. BNB Chain users should complete the migration promptly to avoid operational disruptions and secure their funds.
Neutral
In my view, this announcement is neutral for the broader cryptocurrency market. While the forced migration may generate short-term on-chain activity and slight friction for institutional multi-sig users, it does not directly impact token economics or adoption metrics. Similar wallet migrations—such as past Gnosis Safe upgrades—have had minimal price effects but improved overall security posture. In the short term, traders might observe increased transaction volume on BNB Chain. Over the long term, the move strengthens platform security and user confidence, supporting stable market conditions.