Luno Cuts 20% of Staff Amid Industry-Wide Restructuring
Crypto exchange Luno is cutting approximately 20% of its global workforce as part of a restructuring effort. According to Bloomberg, CEO James Lanigan stated that the company has invested in automation and broader operational improvements, which have changed the resources needed to run the business.
The layoffs are not unexpected, given the recent turbulence across the technology and crypto sectors. In January 2023, Luno cut 35% of its staff, affecting nearly 330 employees, as market conditions weighed on its growth and revenue.
Luno has expanded beyond retail trading into infrastructure and institutional services, including providing crypto infrastructure for banks and fintech firms. The company serves about 16 million users across Africa and the Asia-Pacific region.
The rationale behind Luno's layoffs reflects a wider industry trend, with several crypto companies citing AI, automation, and operational efficiency as reasons for cutting staff.