You may have noticed that a Binance-Peg Cardano Token (ADA) is available on Ledger Live when you go through the Add Account steps on Ledger Live. Please note that this token is different from the actual Cardano (ADA) coin that exists on the Cardano blockchain. This Binance-Peg Cardano is a token that exists on the Binance Smart Chain (BSC) which value is indexed on the Cardano coin.
This token can not be sent to a Cardano address as it exists only on the BSC network.
You will not be able to send your Cardano coins to your BSC address, this will result in the following error message: "This is not a valid Binance Smart Chain address error message". The Cardano blockchain is not yet supported on Ledger Live and we invite you to read this article if you want to manage your ADA with your Ledger device.
Cardano is not the only coin that exists as a token on the Binance Smart Chain, BSC is home to a wealth of tokens that mimic their actual coin counterpart price.