Luno Cuts 20% of Staff Amid Industry-Wide Restructuring

Crypto exchange Luno is cutting nearly 20% of its global workforce as it restructures operations and shifts resources towards institutional clients, financial infrastructure, and business-to-business services.

The company's CEO, James Lanigan, said that the decision was made after investing 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 Luno's first major workforce reduction. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees, due to turbulence across the technology and crypto sectors.

The layoffs reflect a wider industry trend, with several crypto companies citing AI, automation, and operational efficiency as reasons for cutting staff.