Cryptocurrency exchange Luno is cutting approximately 20 percent of its global workforce as part of a broader operational overhaul. Chief Executive James Lanigan confirmed the reductions, attributing them to investments in automation and other improvements that have altered the resources required to operate the business.

The company, owned by Digital Currency Group and serving about 16 million users across Africa and the Asia-Pacific region, will continue funding compliance, core infrastructure and selected retail products while expanding its business-to-business offerings. Exact numbers of affected employees and departmental breakdowns were not disclosed.

Second Major Workforce Reduction Since 2023

The latest cuts mark Luno’s second significant headcount reduction in three and a half years. In January 2023 the exchange eliminated 35 percent of its staff, affecting nearly 330 employees from a workforce then estimated at roughly 960 people, citing an extremely challenging market environment.

South African employees are included in the current reductions. Formal consultations are underway under Section 189 of the country’s Labour Relations Act. Luno was founded in South Africa in 2013 and is headquartered in London.

Management linked the move to a cyclical decline in retail crypto trading volumes alongside the impact of automated systems. A leaner structure is described as both necessary and appropriate under current conditions.

Shift Toward Institutional and Infrastructure Focus

Alongside the staff reductions, Luno is reorganizing into three units built on a single core platform. The first combines its consumer exchange with business-to-business API services that allow banks, fintech firms and telecommunications companies to offer white-label crypto trading, custody and compliance under their own brands. Luno provides the underlying liquidity, wallets and regulatory infrastructure.

The second unit centers on local-currency stablecoin solutions for emerging markets, anchored by Zaru, a rand-backed stablecoin launched in February 2026 and designed for low-cost, same-day settlement. The third is an institutional arm offering an over-the-counter desk for high-volume conversions and cross-border settlement networks.

Discovery Bank in South Africa has already integrated Luno’s services to provide customers access to more than 50 cryptocurrencies. Additional institutional partnerships are expected.

Market Exits and Broader Industry Context

Luno will stop serving customers in certain non-core markets from September 1, 2026. Deposits and purchases were disabled on June 1, with users given until August 31 to liquidate holdings and withdraw funds to local bank accounts. The company is concentrating operations on Africa and Southeast Asia.

The reductions form part of a wider pattern of staffing changes across the crypto sector. Industry tracker data recorded layoffs or restructurings at 12 crypto and crypto-adjacent companies in July, with disclosed figures totaling 894 affected roles across six named firms. Those included 550 at BitMart, 160 at BitMEX, 85 at Uphold, 54 at Exodus, 35 at Yield Guild Games and 10 at Odos. Luno and several others did not publish exact totals.

Earlier in the month, wallet provider Exodus announced plans to cut 25 percent of its staff while reorganizing around card issuance and stablecoin payments, projecting annual operating savings of $10 million to $13 million. Blockchain developer Gnosis reduced its consumer-facing app team after reviewing growth and plans to move the product toward an independent structure. Separate announcements saw AscendEX, BitMEX and BitMart wind down exchange operations.

Across 2026, more than 7,250 disclosed job cuts have been recorded at 47 companies, with market conditions cited most frequently as the driver. Many firms have pointed to automation and operational efficiency as factors reshaping staffing requirements.

Luno has not published projected cost savings, restructuring charges or a final completion timeline for the workforce changes. The company continues to position its institutional and infrastructure services as central to its longer-term strategy while maintaining investment in regulated retail offerings.