Introduction
With Binance now supporting LUNA withdrawals, many users are looking to move their assets to the Terra Station wallet. This process, while straightforward, requires attention to detail to ensure a secure and successful transfer. This guide provides a clear, step-by-step walkthrough to help you navigate the withdrawal process with confidence.
Prerequisites
Before initiating a withdrawal, ensure you have the following set up:
- An active Binance account with LUNA holdings.
- The Terra Station wallet installed and configured.
- Withdrawal security measures enabled on your Binance account (highly recommended).
Step-by-Step Withdrawal Process
Locate Your Terra Station Deposit Address
Open your Terra Station wallet. Navigate to the "Wallet" section and select LUNA. Click "Deposit" to reveal your unique Terra address. It will start with "terra1...". Carefully copy this entire address to your clipboard.
Initiate Withdrawal on Binance
Log in to your Binance account. Navigate to your "Wallet" and select "Fiat and Spot." Find LUNA in your list of assets and click "Withdraw."
Enter Withdrawal Details
In the withdrawal interface on Binance, you will need to complete several fields:
- Address: Paste the Terra Station address you copied in the first step. Double-check that every character is correct to prevent loss of funds.
- Network: Ensure the network is automatically set to "LUNA" or "Terra." Do not select another network like BEP20.
- MEMO/Tag: This field must be left completely blank for transfers to Terra Station. It is not required.
- Amount: Enter the amount of LUNA you wish to withdraw.
Binance will display the transaction fee and the final amount you will receive. For example, withdrawing 5.36 LUNA might incur a 0.02 LUNA fee, leaving you with 5.34 LUNA to be deposited.
Confirm the Warning
After clicking "Withdraw," Binance will show a warning: "You did not fill in the MEMO..." This is expected since a MEMO is not needed for Terra Station. Acknowledge and confirm this warning to proceed.
Complete Security Verification
You will now be prompted to complete your security verification. This typically involves:
- Email verification code
- SMS authentication code
- Google Authenticator (2FA) code
Completing these steps confirms the transaction and is a critical layer of protection for your assets. 👉 Explore more strategies for securing your crypto transactions.
Final Review and Submission
A final confirmation screen will summarize the transaction details. Review everything meticulously—especially the withdrawal address and network. Once you confirm, your withdrawal request is submitted to Binance for processing.
Post-Withdrawal: What to Expect
The transfer is not instant. Binance processes withdrawals in batches, so you will need to wait for the transaction to be confirmed on the blockchain. Typically, this takes between 1 to 2 hours, though times can vary based on network congestion. You can track the status of your withdrawal in your Binance transaction history.
Once processed, your LUNA will appear in your Terra Station wallet, ready for use within the Terra ecosystem.
Important Considerations
- Transaction Fees: Always check the network fee before confirming. Binance charges a fee for withdrawals, which is deducted from the total amount you are sending.
- Network Selection: Sending LUNA on the wrong network (e.g., BEP20 instead of the native Terra network) will result in a permanent loss of funds. Always triple-check that the selected network is "Terra" or "LUNA."
- Address Accuracy: A single mistyped character in the wallet address will send your funds to an unrecoverable destination. Using copy-paste is the safest method.
Frequently Asked Questions
Q: Why did I get a warning about not using a MEMO?
A: This is a standard warning from Binance for cryptocurrencies that sometimes require a MEMO. Since Terra Station uses a direct wallet address without a MEMO, you can safely confirm and proceed after double-checking the address.
Q: How long does a LUNA withdrawal from Binance usually take?
A: Most withdrawals are processed within 1-2 hours. However, during periods of high network traffic or exchange maintenance, it can take longer. You can always check the status under your withdrawal history in Binance.
Q: Is it safe to leave the MEMO field blank?
A: Yes, for withdrawals to a personal Terra Station wallet, the MEMO field must be left blank. It is only required when sending to an exchange-based wallet or a custodial service that uses a shared address.
Q: What should I do if my LUNA hasn’t arrived after several hours?
A: First, check the transaction status on Binance. If it shows as "Completed," use your transaction hash (TxID) to look it up on a Terra blockchain explorer. If the status is pending, you may need to wait longer or contact Binance support for assistance.
Q: Can I cancel a withdrawal after I’ve submitted it?
A: It is often impossible to cancel a withdrawal once it has been submitted for blockchain processing. Your ability to cancel depends on it still being in an "Processing" or "Pending" state within Binance's internal system.
Q: Why is enabling high-security verification for withdrawals important?
A: Enabling 2FA via email, SMS, and an authenticator app adds multiple layers of security. This protects your funds from unauthorized access, even if your password is compromised. It is a fundamental best practice in crypto security.