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Crypto exchange Luno is cutting about 20% of its global workforce as it shifts more attention toward institutional services, financial infrastructure and products for other businesses. CEO James Lanigan confirmed the decision on July 28 but did not disclose the number of employees affected.
The cuts come during a difficult period for crypto companies. Layoffs, exits from international markets and full exchange shutdowns have continued across the industry.
Luno Cuts Jobs as It Reshapes the Business
Luno said the restructuring will reduce costs in line with current market conditions. The company has also increased its use of automation and improved parts of its operations, reducing the number of staff needed for some tasks. Lanigan said:
“These factors mean that a leaner and adapted structure is both necessary and appropriate.”
South African employees are among those affected, although Luno has not provided a country-by-country breakdown. The move follows an earlier round of cuts in January 2023, when Luno reduced its workforce by about 35%, affecting nearly 330 employees. Luno has not disclosed how many employees will lose their jobs in the latest round.
Luno Shifts Toward Institutions and Infrastructure
Luno plans to expand services for institutional investors while investing in compliance, core infrastructure and retail products. The company also wants more banks, fintech firms and telecommunications companies to offer crypto services through Luno’s technology.
These partners can use Luno’s liquidity, wallets, and compliance systems while offering services under their own brands. Luno currently serves about 16 million users across Africa and the Asia-Pacific region.
The exchange is also working on local-currency stablecoin infrastructure in emerging markets. It is a founding participant in ZARU, a rand-backed stablecoin launched in February 2026.
Exchange Closures Add to Industry Pressure
Luno is not shutting down, but the job cuts come as other exchanges scale back or close parts of their businesses. BitMEX will close on September 23 after its parent company reviewed the business and the wider crypto market.
Gemini announced plans in February to cut up to 200 jobs, equal to about one-quarter of its workforce. It also began leaving the UK, European Union, Australia and other markets to focus on the United States and Singapore.
Industry data tracked layoffs or restructurings at 12 crypto and related companies in July. The figures include businesses outside the exchange sector, but they show that crypto firms are still cutting costs and moving toward more stable sources of revenue.
