Luno Cuts 20% of Workforce Amid Crypto Market Shift

Crypto exchange Luno has announced a second wave of layoffs, cutting 20% of its global workforce in a bid to build a leaner operational model. This follows a 35% staff reduction in January 2023, which was also attributed to the crypto market contraction.

The company's CEO, James Lanigan, stated that the decision 'was not taken lightly' and acknowledged the difficulty of letting go of colleagues who have contributed significantly to the organization. Luno is now restructuring its operations into three core units: a consumer platform, business-to-business API integration, and institutional arm offering an over-the-counter desk.

The company has also begun winding down services in select markets, with users notified that they will cease on September 1, 2026. This move follows recent reports of Luno's contraction in its global footprint, with account deposits and purchasing features disabled on June 1 to facilitate the transition.