Luno Cuts Fifth of Global Workforce in Shift to Institutional Services and Automation
Luno Cuts Fifth of Global Workforce in Shift to Institutional Services and Automation #
Cryptocurrency exchange Luno, owned by Digital Currency Group, is cutting approximately 20% of its global workforce as declining retail trading volumes and investments in automation prompt a restructuring, CEO James Lanigan confirmed on 28 July.
Lanigan did not disclose the total number of employees affected, but said the company had made “material investments in automation and broader operational improvements” over the past year that had fundamentally changed the headcount needed to run the business. He described the decision as “very difficult” while arguing that “a leaner and adapted structure is both necessary and appropriate” to sustain Luno over the long term.
The exchange, headquartered in London and serving more than 16 million users across Africa and the Asia-Pacific region, is reorganising into three divisions. The first will merge its consumer exchange with a business-to-business API platform, allowing institutional partners to offer white-labelled trading, custody and compliance services built on Luno’s backend. The second will focus on local-currency stablecoin solutions for emerging markets, centred on Zaru, a rand-backed stablecoin the company launched in February 2026 for low-cost same-day settlement. A third institutional arm will offer an over-the-counter desk for large-volume trades and cross-border currency settlement infrastructure.
South African employees are among those affected. The company has begun formal consultations under Section 189 of South Africa’s Labour Relations Act, according to company representatives. Discovery Bank in South Africa is already a client of Luno’s B2B unit, and Lanigan said the company expects to sign further institutional partners before year-end.
The cuts are the second significant round of redundancies for Luno in under four years. In January 2023, when its workforce numbered around 960 people, the exchange eliminated roughly 35% of its staff during the broader crypto market downturn that followed the collapse of FTX.
The restructuring comes during a difficult month for crypto exchanges broadly. At least 12 firms reported layoffs or restructurings in July, with 894 disclosed job losses across the sector. Three rival exchanges, AscendEX, BitMEX and BitMart, announced full shutdowns during the same period, with AscendEX citing the end of the European Union’s MiCA regulation transition period as a contributing factor. Lanigan has framed the cuts as a deliberate choice to position the exchange for institutional growth rather than a response to immediate financial distress.
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