Luno cuts 20% of staff as crypto layoffs spread across 12 firms in July

Crypto exchange Luno is reportedly cutting about 20% of its global workforce as it restructures operations and shifts more resources toward institutional clients, financial infrastructure and business-to-business services. According to a Bloomberg report on Tuesday, Luno CEO James Lanigan said the company had invested in automation and broader operational improvements that changed the resources needed to run the business. Luno will also trim costs in line with market conditions while investing in compliance, core infrastructure and retail products. Luno has previously made larger workforce reductions. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees, as turbulence across the technology and crypto sectors weighed on its growth and revenue.Founded in South Africa and owned by Digital Currency Group, Luno serves about 16 million users across Africa and the Asia-Pacific region. The company has expanded beyond retail trading into infrastructure and institutional services, including providing crypto infrastructure for banks and fintech firms.Luno’s rationale for the layoffs reflects a wider industry trend, with several crypto companies citing AI, automat...