What is the purpose of a withdrawal tag for XRP on Binance?

3 answers

• Mar 07, 2022 · 3 years ago
  The withdrawal tag for XRP on Binance is a unique identifier that ensures your XRP deposit is credited to the correct account. XRP transactions require both a destination tag and an address. The destination tag is used to differentiate between multiple users depositing XRP to the same address. It acts as a memo or reference number, allowing Binance to allocate the funds to the correct user's account.
  403202
• Mar 07, 2022 · 3 years ago
  When you withdraw XRP from Binance, you may be asked to provide a destination tag. This is because some exchanges and wallets use a shared address for all users, and the destination tag is necessary to identify your specific account. It's important to include the correct destination tag when making a withdrawal, as failing to do so may result in the funds being lost or credited to the wrong account.
  402134
• Mar 07, 2022 · 3 years ago
  The withdrawal tag for XRP on Binance serves as an additional security measure to ensure the accuracy of transactions. It helps prevent funds from being sent to the wrong account and provides a way for Binance to track and allocate deposits accurately. It's important to note that not all cryptocurrencies require a withdrawal tag, but for XRP on Binance, it is mandatory to include the destination tag when making a withdrawal.
  428107