Luno to Cut 20% of Global Workforce and Restructure into Three Business Units

Odaily reported that cryptocurrency exchange Luno announced on July 28 that it will cut 20% of its global workforce and restructure its operations into three business units. The company did not disclose the total number of affected employees, with South African staff also included in the layoffs.



Luno is headquartered in London, with operations spanning Africa and Asia, and is owned by US-based Digital Currency Group. CEO James Lanigan stated that the cyclical decline in retail crypto trading activity and the adoption of automation tools are the main reasons for this restructuring.



Luno previously cut 35% of its staff in January 2023, when its total workforce was approximately 960 employees. Following this restructuring, the company will integrate its consumer platform and B2B API services, and establish a local currency stablecoin solutions unit along with an institutional business unit.



Luno has notified users in certain markets that related services will be discontinued on September 1, 2026. Account deposit and purchase functions were already closed on June 1, and users are required to liquidate their holdings and withdraw funds to local bank accounts by August 31.