Luno Cuts 20% of Global Workforce Amid Crypto Trading Slump

Crypto exchange Luno is cutting 20% of its global workforce in a bid to build a leaner operational model amid a downturn in retail trading and increased automation.

The layoffs, which are the second major round at the platform in three and a half years, follow a 35% cut in January 2023 when Luno eliminated around 960 employees.

Luno's CEO James Lanigan said the decision was difficult but necessary 'for our customers, our remaining team, and our long-term mission' to build a sustainable structure focused on three core platform units: consumer, business-to-business API integration, and institutional trading services.