Luno cuts 20% of staff as crypto layoffs spread across 12 firms in July
Luno is cutting about 20% of its global workforce as it restructures toward institutional clients, financial infrastructure, and B2B services. CEO James Lanigan said automation and operational improvements changed staffing needs, while the company is also reducing costs and investing in compliance, core infrastructure, and retail products. This follows a larger reduction in January 2023, when Luno cut 35% of staff amid sector turbulence. Founded in South Africa and owned by Digital Currency Group, Luno serves about 16 million users across Africa and Asia-Pacific and has expanded beyond retail trading into infrastructure for banks and fintech firms. The move fits a broader crypto industry trend: companies are citing AI, automation, and efficiency in layoffs. CryptoJobsList recorded 12 crypto-related layoffs or restructurings in July alone, with Exodus and Gnosis among recent examples.
