There are a few important things to keep in mind when you want to receive a crypto deposit into your Luno wallet. It’s pretty straightforward to create a receive address and get crypto sent to it, but mistakes can be costly.
As you’ll have seen in our in-app warnings, if you or anyone else sends crypto to your account incorrectly, those funds could be lost, so it’s important to be aware of potential pitfalls.
Tip
Before you send or receive crypto, it’s best practice to make a test send, especially if you’re planning to transfer a lot of money. Send a small amount of crypto first, just to confirm that everything’s working as expected and that funds are received successfully.
Which coins and transfer networks are supported?
To ensure you're sending or receiving supported cryptocurrencies via the correct transfer networks, please consult our comprehensive guide: Which cryptocurrencies and transfer networks are supported on Luno. This will help prevent any potential loss of funds due to unsupported transactions.
Note
The cryptocurrencies available to you may differ depending on your country.
Sending crypto from Binance to Luno?
Luno supports BNB deposits and withdrawals, but only for the BNB cryptocurrency.
- When sending BNB to your Luno BNB wallet, you may select the BNB Chain as the transfer network from Binance
- The BNB Chain should only be used for BNB transfers to your BNB wallet on Luno
Do not use the BNB Chain to send other cryptocurrencies (such as BTC, ETH or XRP) to Luno. These transfers aren’t supported and may lead to permanent loss of funds.
Tip
Learn more about sending crypto from Binance to Luno.
What happens if I send an unsupported cryptocurrency to Luno?
If you send unsupported cryptocurrency to Luno, or if someone else sends unsupported cryptocurrency to your Luno wallet, we cannot access those funds and return them to you. Unfortunately, they will be lost.
There are two key factors that are responsible for this:
(i) the fact that cryptocurrency transactions are, by their nature, irreversible, and (ii) the way we store and ensure the security of Luno’s existing supported cryptocurrencies.
To retrieve unsupported cryptocurrencies, we would need to add support for that currency to Luno’s infrastructure. In addition to the prohibitive cost of doing so, this also poses a massive security risk for Luno (and its customers).
Security is of the utmost importance to us at Luno. Supported cryptocurrencies are stored in a highly secure vault and specific operational processes are in place to keep them secure. Any changes to our cryptocurrency storage system (to, for example, add support for a new cryptocurrency) are required to be carefully vetted due to the enormous risk posed to the funds already stored in the system.
Tip
Read about the factors Luno considers before adding a new cryptocurrency. If you'd like to learn more about cryptocurrency, visit Luno Discover.
Keep in mind
It is your responsibility to ensure that you (or people sending cryptocurrency to your Luno wallet) only send supported cryptocurrency to Luno. Under no circumstances will Luno be liable to you, or any other person, for any losses suffered as a result of you, or any other person, sending unsupported cryptocurrency to Luno. Read our full Terms of Use.