Luno cuts 20% of workforce amid automation and trading slump
Cryptocurrency exchange Luno is reducing its global workforce by about 20% due to weaker retail trading and a shift towards automation. CEO James Lanigan confirmed the layoffs but did not specify the number of employees affected. He noted that investments in automation and operational improvements have altered the resources required for the business. Luno plans to continue investing in retail products, infrastructure, and regulatory compliance while expanding its business-to-business offerings. This marks Luno's second significant workforce reduction in three and a half years, following a 35% cut in January 2023 due to challenging market conditions. The new structure integrates Luno's 16 million-user retail exchange with a white-label service for banks and fintechs to offer crypto products under their own brands. The decline in retail trading reflects broader trends in the crypto industry, with exchanges like BitMEX and BitMart also winding down operations. Luno's restructuring follows its decision to cease operations in certain markets from September 1, focusing on Africa and Southeast Asia. Digital Currency Group acquired Luno in 2020.
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