Crypto exchange Luno cuts 20% of staff amid automation push and retail trading slumps
Crypto exchange Luno is cutting 20% of its workforce as it shifts focus toward automation and business-to-business services amid a slump in retail trading. This marks the company's second major layoff in recent years as it consolidates its operations in Africa and Southeast Asia.
Why it matters
The move reflects broader volatility in the cryptocurrency market and the ongoing trend of exchanges pivoting toward institutional services to survive.
The firm’s CEO James Lanigan confirmed the cuts to Bloomberg but declined to disclose the number of employees affected. Lanigan said investments in automation and other operational improvements over the past year had changed the resources needed to run the business.
Luno will continue investing in its retail products, infrastructure and regulatory compliance while expanding its business-to-business offering.
The layoffs are Luno’s second major workforce reduction in three and a half years. The exchange cut 35% of its staff in January 2023 citing an “incredibly tough year” affecting the market.
Luno’s new structure combines its 16 million-user retail exchange with a white-label service allowing banks, fintechs and telecommunications companies to offer crypto products through their own brands. Luno supplies the liquidity, wallets and compliance infrastructure.
The weaker retail trading business reflects the broader picture across the crypto industry, which has seen exchanges BitMEX and BitMart wind down their operations .
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