Although blockchain’s decentralization has brought immense value to financial transactions and systems, its success can still be partly attributed to Centralized Exchanges like Binance.
These Centralized Exchanges connect traders’ and investors’ traditional payment systems with DeFi opportunities controlled by an entity.
However, since CEXes are controlled by entities, handling user assets must be done with utmost care and professionalism to boost user interest and confidence in these CEXes.
In order to achieve this, many Centralized Exchanges adopt the Destination Tag Technology. This will enable exchanges to sort transactions.
A tag or memo is important in controlling, sorting, and identifying transactions for CEXes. It is a unique identifier that serves as additional data to identify an incoming transaction and its recipient.
Tags or memos are needed in privately controlled places like CEXes for crypto assets like BNB, XLM, KAVA, BAND, EOS, XEM, and many others.
This enabled the exchange to identify and credit the recipient account accordingly.
In many cases, when using tags on CEXes like Binance, users often make the mistake of inputting the wrong tags, while many forget to use the tag.
However, these transactions won’t go through since they are missing their right tags. Fortunately, Binance has made it easy and simple for its users to rectify this error and retrieve their transfers with the wrong or missing memo.
This guide will take you through how to retrieve a crypto transfer with a wrong or missing tag/memo.
Steps to Retrieve a Crypto Transfer with Wrong/Missing Tag?
Tag is needed so that Centralized Exchanges or privately controlled crypto storage and exchange platforms can easily determine the recipient account during asset transfer.
If you enter the wrong or omit the tag/memo when transferring your crypto asset to Binance, you must apply for asset recovery due to a missing/wrong tag.
To complete this application, you must provide important details about the transaction in the application form.
This includes the Token or Crypto asset, the Transaction Hash, the deposit amount, and the sender address.
With these details, the Binance support team will be able to locate your asset and return it back to the sender’s wallet.
Here’s a step-by-step guide on how to retrieve a crypto transfer with a wrong or missing tag on Binance:
- Log in to the Binance account
- Visit application link
- Enter transaction details
1. Log in to the Binance account
To start applying for the retrieval, log in to your account at Binance.com.
Click on LOG IN from the top right corner of the homepage.
On the login page, input your email address and password. Tap LOG IN and complete 2FA verification to approve your sign-in.
After accessing your account, visit the application link at https://www.binance.com/en-NG/my/wallet/recovery/form/d to start applying for the retrieval.
Ensure you get all the transaction details ready to make the application faster.
3. Enter transaction details
In the application form, you’ll be provided with fields to supply more details about the transfer.
In the first field, pick the token you transferred from the token drop-down menu. Ensure the token you transfer is on the list.
If the token is not listed on Binance, you must retrieve the assets via the Binance self-service recovery.
Enter the sender or source wallet address in the second field for SOURCE ADDRESS. Then specify the amount of tokens you deposited.
Finally, indicate the transaction hash in the TxID/TxHash field. The hash is a unique string of numbers assigned to all verified transactions on a blockchain.
You can copy the transaction hash from the sender’s wallet or via the blockchain explorer. Ensure you input only the transaction ID here.
Review all submitted details and continue by clicking on SUBMIT.
You can monitor your application status from the APPLICATION RECORDS here: https://www.binance.com/en-NG/my/wallet/composite/list.
Terms of Conditions for Retrieving Transfer to a Wrong/Missing Tag
Once the retrieval has been accepted and completed, the crypto tokens will be sent back to the sender’s address.
However, if the tag or memo belongs to another user, the transfer might be completed and deposited to the wrong address. In this case, retrieval or reversal will not be possible anymore.
In addition, if the retrieval is successful, Binance will deduct five times the transaction fee as the retrieval fee.
However, if the retrieval fee is less than the whole transfer amount, retrieval is impossible, and the asset will be lost forever.
Why is My Retrieval Application Declined?
Some reasons why Binance rejects retrieval applications for transfers done with wrong/missing tag include the following:
- Wrong or different transaction details
- The transaction doesn’t have a tag or memo
- Providing the wrong sender address
- Inaccurate transfer amount
- Submitting another application for a transaction
- The amount you want to retrieve is not up to the retrieval fee, which is five times the gas fee.
- Incorrect Transaction hash format.