Luno is slashing 20% of its global staff amid a slump in retail crypto trading and a strategic push toward automation. The London-based exchange, owned by Digital Currency Group, revealed the move on July 28. The total headcount impacted remains undisclosed, but employees in South Africa, where Luno was founded in 2013, are among those affected. Formal consultations are underway there under local labor laws.
CEO James Lanigan called the decision tough but necessary to create a sustainable, streamlined business model. This marks the company’s second major layoff, after a 35% reduction in January 2023 when the crypto market contracted sharply. At the time, Luno employed roughly 960 people.
The reshuffle will reorganize Luno into three core platform units, abandoning non-core markets by September 1, 2026. A shift toward automated systems has lowered personnel needs, prompting this workforce trimming. These changes reflect broader industry moves as crypto exchanges adapt to evolving trading volumes and technology.
With retail activity cooling and automation gaining ground, Luno recalibrates to focus resources where they’ll have the greatest impact. The company operates mostly across Africa and Asia, balancing growth ambitions with a leaner structure in uncertain market conditions.
Earlier this year, other crypto platforms expanded trading pairs, signaling divided fortunes within the sector. Luno’s pivot shows the ongoing transformation of how crypto exchanges operate amid fluctuating demand and technological change.
This material is for informational purposes only and does not constitute financial advice.
