Luno Cuts 20% of Staff Amid Industry-Wide Restructuring Efforts

Crypto exchange Luno has announced plans to 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.

The company's CEO, James Lanigan, said that Luno had invested in automation and broader operational improvements, changing the resources needed to run the business. This move is part of a wider industry trend, with several crypto companies citing AI, automation, and operational efficiency as reasons for cutting staff.

Luno has previously made larger workforce reductions, cutting 35% of its staff in January 2023, nearly 330 employees, due to turbulence across the technology and crypto sectors. The company serves about 16 million users across Africa and the Asia-Pacific region and has expanded beyond retail trading into infrastructure and institutional services.

The layoffs at Luno are part of a broader industry trend, with several crypto companies citing market conditions as the reason for job cuts. In July, Exodus announced plans to cut 25% of its staff while reorganizing around a full-stack card-issuance and stablecoin-payments platform.