As you may have noticed, there is an additional block in the deposit and withdrawal window of some cryptocurrencies called “Memo”. In this article, we will try to find out what “Memo” is and how it works when making cryptocurrency transactions.
What is memo/destination tag?
A memo/destination tag is a special identifier used in transactions. It must be specified for deposits and withdrawals of some cryptocurrencies. The most common type of memo is a set of numbers, and less common is a combination of numbers and letters.
Currently, a memo is required for deposits and withdrawals of the following cryptocurrencies on our exchange: XRP, XLM, ATOM, HBAR, USDT (EOS), USDC (STELLAR), EOS, KAVA, JAM, LUNA, MLNK, SSLX, STEEM, TIA, WAXP, and XEM.
When you deposit one of the above-mentioned coins, you have to specify not only an address (our account), but also your destination tag on the WhiteBIT exchange. Otherwise, a deposit will not be credited to your balance.
If you forget to specify a memo when depositing funds to your account, money will be credited to the WhiteBIT deposit address. However, in this case, we will not be able to determine the final recipient of the transaction and credit the funds to your balance.
In this situation, you have to contact our support team (look at the “Support” section), providing all the details of the transaction (hash, amount, ticker, link to the transaction in the explorer).
The deposit form with a memo looks like this:
Please note: You can use the “Copy” button to paste the address and memo into the corresponding fields on the sender's platform. Alternatively, you can click on the yellow “Share address and MEMO” button and send your details to the sender of the funds in one of the available messengers.
When withdrawing such cryptocurrencies, you also have to specify a destination tag which you can find out on the receiving platform. However, if the destination tag is not required on the receiving platform, just enter “12345” in the appropriate field during a withdrawal.
In case you forgot to specify a memo when withdrawing funds from WhiteBIT to another platform, you have to contact the support service of the recipient platform to clarify additional information.
In case of any questions regarding the transaction memo, you can: