Amid declining retail trading and a shift towards automation, cryptocurrency exchange Luno has announced a reduction of approximately 20% of its global workforce.
The company, owned by Digital Currency Group, had previously reduced its staff by 35% in January 2023 due to challenging market conditions.
CEO James Lanigan confirmed the layoffs to Bloomberg but did not specify how many employees would be impacted. He noted that the company's investments in automation and operational enhancements over the past year have altered the resources necessary for the business's operations.
Despite the layoffs, Luno plans to continue investing in its retail offerings, infrastructure, and compliance with regulations while also expanding its business-to-business services.
This marks Luno's second significant workforce reduction in the past three and a half years, following a 35% cut earlier this year, which was attributed to an "incredibly tough year" for the market.
The restructured organization will integrate its retail exchange, which serves 16 million users, with a white-label service that enables banks, fintechs, and telecom companies to provide crypto products under their own brands. Luno will supply the necessary liquidity, wallets, and compliance infrastructure.
The downturn in retail trading reflects broader trends within the cryptocurrency sector, where exchanges such as BitMEX and BitMart have also ceased operations.
In December 2025, South Africa's Discovery Bank began offering access to over 50 cryptocurrencies via Luno, setting a precedent for this business model. The integration was announced the previous month.
The restructuring follows Luno's recent decision to cease operations in certain markets starting on September 1, focusing instead on Africa and Southeast Asia. Digital Currency Group acquired Luno in 2020.
CoinDesk reached out to Luno for further comments but had not received a response at the time of publication.