Luno Axes 20% of Staff Amid Cryptocurrency Market Volatility

Crypto exchange Luno is undergoing restructuring efforts, which will result in a global staff cut of approximately 20%. The company, owned by Digital Currency Group, aims to scale its business-to-business unit and trim costs in line with current market conditions. According to CEO James Lanigan, the reorganization will help Luno adapt to changing circumstances.

Lanigan declined to provide further details on the exact number of employees affected by the cuts. The move is part of Luno's efforts to navigate the challenging cryptocurrency market.