Luno cuts 20% of global staff in corporate restructuring

Cryptocurrency exchange Luno has laid off approximately 20% of its global workforce as part of a major corporate restructuring announced this week. The company, owned by U.S.-based Digital Currency Group and headquartered in London, is pivoting its focus toward institutional and business-to-business services amid a prolonged downturn in retail trading activity.

CEO James Lanigan confirmed the job cuts, which affect employees worldwide, including in South Africa where the company was founded. The exact number of employees impacted was not disclosed. Lanigan described the decision as difficult but necessary for the company's long-term sustainability. This marks the second significant round of layoffs at Luno in recent years, following a 35% reduction in January 2023 during a previous crypto market contraction.

Company officials cited a cyclical slump in retail crypto activity and substantial investments in automation as the primary drivers for the restructuring. Lanigan stated that integrating automated systems has fundamentally altered the company's resource requirements, making a leaner operational structure necessary. The layoffs coincide with a strategic reorganization of...