Luno Trims Workforce by 20% Amid Industry-Wide Restructuring

Crypto exchange Luno has announced it will cut around 20% of its global workforce as part of a restructuring effort. The company, which serves about 16 million users across Africa and Asia-Pacific, aims to shift resources towards institutional clients and business-to-business services.

Luno CEO James Lanigan explained that the company had invested in automation and broader operational improvements, changing the resources needed to run the business.

The layoffs are part of a wider industry trend, with several crypto companies citing AI, automation, and operational efficiency as reasons for staff reductions. In fact, 12 firms have laid off employees in July alone, affecting over 894 jobs.