MarketExchange team
February 26, 2025
~1 min read
What is a Destination Tag (Memo)?
A destination tag (or memo) is an extra identifier that helps exchanges correctly credit funds to your account. This is particularly important when exchanges use shared wallets for multiple users. The tag acts like an account number within the exchange’s wallet.
Without the correct destination tag, your funds may reach the exchange’s main wallet but won’t be automatically credited to your specific account.
Important: Always double-check and enter the correct destination tag (or memo) when sending cryptocurrencies like EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB), or Monero (XMR). Failing to do so can result in lost funds.