Luno Cuts 20% of Staff Amid Industry-Wide Restructuring

Crypto exchange Luno has cut about 20% of its global workforce as it restructures operations and shifts more resources toward institutional clients, financial infrastructure, and business-to-business services. This move reflects a wider industry trend, with several crypto companies citing AI, automation, and operational efficiency when cutting staff.

Luno CEO James Lanigan explained that the company had invested in automation and broader operational improvements, which changed the resources needed to run the business. Luno will also trim costs in line with market conditions while investing in compliance, core infrastructure, and retail products.

This is not the first time Luno has made significant workforce reductions. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees, as turbulence across the technology and crypto sectors weighed on its growth and revenue.