How does the withdrawal tag feature work in Binance?

5 answers

• SKN IOT TECHNOLOGYMar 02, 2022 · 3 years ago
  Sure! The withdrawal tag feature in Binance is used for certain cryptocurrencies that require an additional identifier when making a withdrawal. This identifier, known as a withdrawal tag, is used to ensure that the funds are properly credited to the correct account. It is typically used for cryptocurrencies like XRP or XLM. When making a withdrawal of these cryptocurrencies, you will need to provide both the destination address and the withdrawal tag. This helps Binance identify the specific account the funds should be sent to. Make sure to double-check the withdrawal tag before initiating the withdrawal to avoid any issues.
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• John RicksNov 21, 2021 · 4 years ago
  The withdrawal tag feature in Binance is a security measure to ensure that your funds are sent to the correct account. It is especially important for cryptocurrencies like XRP and XLM, which use a shared public ledger. The withdrawal tag acts as an additional identifier to specify the recipient's account. Without the withdrawal tag, your funds may not be properly credited. So, when making a withdrawal of these cryptocurrencies, make sure to include the withdrawal tag along with the destination address.
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• JulianqueenNov 12, 2020 · 5 years ago
  The withdrawal tag feature in Binance is similar to the memo feature in other exchanges. It is used for certain cryptocurrencies that require an additional identifier when making a withdrawal. For example, XRP and XLM often require a destination tag or a memo to ensure the funds are correctly allocated. When withdrawing these cryptocurrencies from Binance, you will need to provide both the destination address and the withdrawal tag. This ensures that the funds are sent to the correct account and can be properly credited. Remember to always double-check the withdrawal tag to avoid any issues.
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• Priyanka SinghAug 06, 2024 · a year ago
  The withdrawal tag feature in Binance is a way to ensure that your funds are sent to the right account when withdrawing certain cryptocurrencies. It is commonly used for cryptocurrencies like XRP and XLM. The withdrawal tag acts as an additional piece of information that helps Binance identify the recipient's account. When making a withdrawal of these cryptocurrencies, you will need to provide both the destination address and the withdrawal tag. This ensures that the funds are properly credited to your account. Always make sure to include the withdrawal tag to avoid any potential issues with your withdrawal.
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• Naidu GiirdharAug 08, 2023 · 2 years ago
  BYDFi, a digital currency exchange, also utilizes the withdrawal tag feature for certain cryptocurrencies. Similar to Binance, the withdrawal tag acts as an additional identifier to ensure that the funds are sent to the correct account. When making a withdrawal of cryptocurrencies like XRP or XLM from BYDFi, you will need to provide both the destination address and the withdrawal tag. This helps BYDFi properly credit the funds to your account. Remember to double-check the withdrawal tag before initiating the withdrawal to avoid any complications.
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