Crypto Layoffs Continue: Luno Cuts 20% of Staff Amid Industry-Wide Restructuring

Layoffs in the crypto industry have continued to spread, with Luno cutting 20% of its workforce. The company, which is owned by Digital Currency Group, will maintain investment in compliance, core infrastructure, and retail products despite the layoffs.

The move comes as part of a wave of restructuring across the industry, with 12 companies having carried out layoffs or organizational changes in July alone. According to CryptoJobsList data, these restructurings have affected 894 people based on disclosed figures.

Luno is not new to large-scale workforce reductions, having cut 35% of its staff, or about 330 jobs, in January 2023. The company has expanded beyond retail trading into infrastructure services for banks and fintech firms, as well as business for institutional clients.