A Tag or a Memo is an additional address feature to identify your cryptocurrency deposit and credit your exact Fasset account instantaneously.
Caution: Failure to input the MEMO would mean that your transfer may not arrive at the destination until it's retrieved.
Coins that require Tag/Memo:
- Cosmos (ATOM)
- Ripple (XRP)
- EOS (EOS)
- Stellar (XLM)
- Binance Coin (BNB)
Most transactions with these currencies require both an address and a destination tag to be completed successfully.
When receiving certain cryptocurrencies on Fasset Exchange, you will be required to enter the destination tag for the receiving account, you’ll need to provide the sender with your address and tag/memo.
When sending from Fasset to an external crypto wallet, you may or may not be required to provide the tag, depending on the policies of the receiving exchange. Generally, the tag/memo is a requirement by the receiving exchange.
Why is Tag/Memo needed?
For the listed cryptocurrencies above, centralized exchanges like Fasset use one address for all users that use Destination Tag technology. Therefore, a Tag/Memo is used to determine what actual individual account a given transaction should be assigned and credited to.
What if I forget to include the tag/memo when sending it to my Fasset account?
If you forget to include your destination tag (or use an incorrect destination tag) when sending a cryptocurrency transaction into Fasset we may be able to assist you. This will require us to initiate a recovery process and there may be a fee involved. To initiate this recovery process, please reach out to our support team.