Odaily Planet Daily report: On July 28, cryptocurrency exchange Luno announced it would reduce its global workforce by 20% and restructure its operations into three business units. The company did not disclose the total number of affected employees, and staff in South Africa are also included in the layoffs. Headquartered in London and operating across Africa and Asia, Luno is owned by U.S.-based Digital Currency Group. CEO James Lanigan stated that the primary reasons for this restructuring are the cyclical decline in retail cryptocurrency trading activity and increased investment in automation tools. Luno previously cut 35% of its workforce in January 2023, when it had approximately 960 employees. Following this restructuring, the company will consolidate its consumer platform and B2B API services, and establish new business units for local currency stablecoin solutions and institutional services. Luno has notified users in certain markets that related services will be discontinued on September 1, 2026. Account deposits and purchase functions were already suspended on June 1, and users must liquidate their positions and withdraw funds to their local bank accounts by August 31.
Luno to Cut 20% of Its Global Workforce and Restructure into Three Business Units
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Summary
On July 28, Luno announced it will reduce its global workforce by 20% due to a cyclical decline in retail crypto trading activity and increased automation. The restructuring will reorganize the company into three business units: consumer platform, B2B API services, and local fiat stablecoin solutions. Shifts in global crypto policy and adoption trends are driving this decision. Some services for market users will end on September 1, 2026, while deposit and purchase functions were discontinued on June 1. Affected employees include staff in South Africa; the company previously laid off 35% of its workforce in January 2023.
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