Luno Cuts Staff Amid Industry-Wide Restructuring Efforts

Crypto exchange Luno is undergoing a major restructuring effort, cutting about 20% of its global workforce as it shifts resources toward institutional clients and business-to-business services.

This move comes on the heels of similar layoffs across the industry. In July, 12 firms in the crypto space reported job cuts, with a total of 894 positions affected.

Luno CEO James Lanigan stated that the company had invested in automation and operational improvements, changing the resources needed to run its business. This has led to a reevaluation of staffing needs, resulting in cost-cutting measures across various departments.

The layoffs reflect a broader industry trend, with companies citing AI, automation, and operational efficiency as reasons for reducing staff numbers.