Luno Cuts 20% of Staff Amid Retail Trading Slump

Crypto exchange Luno has cut about 20% of its global workforce as weaker retail trading and automation push the company toward a leaner structure, according to Bloomberg.

The layoffs are part of Luno's efforts to restructure and focus on institutional business. The company will continue investing in its retail products, infrastructure, and regulatory compliance while expanding its business-to-business offering.

Luno's new structure combines its 16 million-user retail exchange with a white-label service that allows banks, fintechs, and telecommunications companies to offer crypto products through their own brands. The company supplies the liquidity, wallets, and compliance infrastructure.