Luno Slashes 20% of Staff Amid Crypto Industry Layoffs

Crypto exchange Luno has announced a restructuring plan that includes cutting around 20% of its global workforce. The move is part of the company's efforts to adapt to changing market conditions and focus on institutional and business-to-business services worldwide.

Luno CEO James Lanigan confirmed the layoffs in a statement, citing investments in automation and operational changes as reasons for the reduction. He did not disclose the exact number of employees affected or specify which regions and departments would be impacted.

The move is one of several recent layoffs in the crypto industry, with at least 12 companies reporting restructurings in July alone. Gnosis, another prominent player, has also announced workforce reductions, citing a need for a smaller structure and faster decision-making outside the wider organization.