Understanding Destination Tags (Memos)

A destination tag (also known as a memo) is an additional piece of information required for some cryptocurrency transfers. It acts as an account number within an exchange’s shared wallet, ensuring your funds are routed to your individual account. If you omit the destination tag, your funds may be deposited into the exchange’s main wallet but won’t be credited to your account. This is particularly crucial for cryptocurrencies like EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB), and Monero (XMR).