Luno Cuts 20% of Workforce Amid Cryptocurrency Industry Shift
Luno, a cryptocurrency exchange platform, is undergoing a significant restructuring effort that will result in the elimination of about 20% of its global workforce. The company, which operates across Africa, Europe, and Asia-Pacific, has informed staff of the decision as part of a broader organisational restructuring aimed at simplifying its business, improving operational efficiency, and positioning it for long-term growth.
The layoffs will impact teams across multiple regions, including South Africa, where Luno has maintained a significant presence since its founding. The company, owned by Digital Currency Group (DCG), has navigated one of the most turbulent periods in the cryptocurrency sector and has been repositioning its business accordingly.
This latest round of layoffs comes as the digital asset industry enters a new phase characterised by tighter regulation, slower venture funding, and growing pressure on crypto firms to build sustainable businesses rather than prioritise rapid expansion. Unlike previous market downturns, this restructuring is taking place during a period when digital asset prices have largely recovered, suggesting companies are now focusing on operational discipline and profitability.