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The layoffs keep coming. Cryptocurrency exchange Luno is cutting approximately 20% of its global workforce, becoming the latest in a string of crypto companies to reduce headcount as the industry contracts.
CEO James Lanigan confirmed the cuts, telling Bloomberg that investments in automation and operational improvements over the past year had fundamentally changed the resources needed to run the business. He declined to disclose the exact number of employees affected.
Second Major Reduction
This is Luno's second major workforce reduction in three and a half years. The exchange, owned by Digital Currency Group since 2020, previously cut 35% of its staff in January 2023, citing an "incredibly tough year" for the broader market.
The new restructuring combines Luno's 16 million-user retail exchange with a white-label service that allows banks, fintechs and telecommunications companies to offer crypto products through their own brands. Luno supplies the liquidity, wallets and compliance infrastructure underneath.
A Shift Toward B2B
The pivot toward institutional and business-to-business services reflects a broader trend across the crypto exchange landscape. South Africa's Discovery Bank began offering access to more than 50 cryptocurrencies through Luno in December 2025, providing the template for the white-label model the exchange is now scaling.
Luno is also narrowing its geographic focus. The exchange will stop serving customers in certain markets starting September 1 and concentrate operations on Africa and Southeast Asia, regions where the company sees the strongest growth potential for both retail and institutional adoption.
The restructuring follows similar moves by other exchanges. BitMEX and BitMart have already begun winding down operations as day traders disappear and trading volumes shrink, leaving only the largest and most diversified platforms standing.
