This guide will teach you all about memos (sometimes called deposit memos) and how to use them when depositing or withdrawing cryptocurrencies that require them on Binance.US.
What is a Memo?
What is a Memo?
A memo is an identifier code required in addition to an address when sending certain cryptocurrencies. Each memo code is tied to a unique wallet and helps to ensure that the transaction is sent to the correct recipient.
Using a memo for the cryptocurrencies that require it allows Binance.US to identify a deposit and credit the appropriate account. If you do not enter a memo, your transfer may not arrive at the destination address.
Still a little confused? Think about it like sending a letter to a PO box at the post office. If your receive crypto address is the address for the post office, then your memo is your specific PO box number.
If you were to send a letter to the post office's address without including the PO box number, the post office wouldn't know which box to put the letter in.
In the same way, if you send crypto to an address that requires a memo, you will need to be sure to include the memo so that your deposit can be credited to your specific wallet.
Which Cryptocurrencies Require a Memo?
Which Cryptocurrencies Require a Memo?
A memo is required for certain cryptocurrencies, including:
Cosmos (ATOM)
Band Protocol (BAND)
EOS
Fetch.ai (FET)
Hedera Hashgraph (HBAR)
Kava (KAVA)
Polymesh (POLYX)
WAX Network (WAXP)
Stellar Lumens (XLM)
Internet of Services Token (IOST)
Do I Need To Use a Memo For Crypto Withdrawals?
Do I Need To Use a Memo For Crypto Withdrawals?
You must confirm whether or not the receiving address requires a memo. This should be done using the platform or wallet your are withdrawing to. If a memo is required and it is not filled, or filled incorrectly, the asset may be lost.
Please keep in mind that other platforms or wallets may refer to a memo as a "tag," "tag name," "digital ID," "label," or "note."
What If I Forgot To Add the Memo?
What If I Forgot To Add the Memo?
If you forget to add a memo, there is a chance the assets may be lost. If you're not seeing your deposit because you forgot to add the memo, entered the wrong address, or encountered network issues, try using the Deposit Recovery Tool to locate and return your deposit.
If you've forgotten to include the memo on a withdrawal intended for another wallet, please contact the wallet owner's support team.
How To Use a Deposit Memo
How To Use a Deposit Memo
Note: General information on depositing cryptocurrencies to your Binance.US wallet is available here. This section will deal specifically with how to use a memo for cryptocurrencies that require it.
The examples below refer to completing a deposit, however, memos may be required for withdrawals as well. You must check whether the external receiving address requires one before completing the withdrawal to ensure that your withdrawal will be successful.
How To Use a Deposit Memo via Web Browser
How To Use a Deposit Memo via Web Browser
1. Go to your Wallet and click Deposit in the top-right.
2. Select the cryptocurrency you would like to deposit that requires a memo (for example ATOM).
3. A notice will be shown to make sure you are aware that the chosen cryptocurrency requires a memo in addition to an address. Click Got it.
4. You will be shown the address and memo for your Binance.US wallet for the specific cryptocurrency you have chosen. Copy and paste both the address and memo into the relevant fields when sending the cryptocurrency from your external wallet.
How To Use a Deposit Memo via Mobile App
How To Use a Deposit Memo via Mobile App
1. Open or log into the Binance.US app on your mobile phone.
2. On the home page, tap Deposit.
3. Select the cryptocurrency you would like to deposit that requires a memo (for example ATOM).
4. A notice will be shown to make sure you are aware that the chosen cryptocurrency requires a memo in addition to an address. Tap Got it.
5. You will be shown the address and memo for your Binance.US wallet for the specific cryptocurrency you have chosen. Copy and paste both the address and memo into the relevant fields when sending the cryptocurrency from your external wallet.