Second Round of Cuts This Decade
Cryptocurrency exchange Luno is reducing its global workforce by roughly 20%, marking the company's second major round of layoffs in less than four years. The move, confirmed by CEO James Lanigan, comes after a previous reduction of 35%—nearly 330 employees—in January 2023. While the exact number of people affected this time was not disclosed, the percentage cut signals another significant contraction for the London-headquartered firm.
Luno’s latest restructuring follows a period of industry-wide belt-tightening, with more than 7,254 crypto job cuts tracked across 47 companies so far in 2026. The company, which serves around 16 million users primarily in Africa and Asia-Pacific, is owned by Digital Currency Group—a detail that ties its fate to broader shifts among global crypto conglomerates.
In January 2023, Luno eliminated nearly 330 positions in its first major workforce reduction.
Automation Drives Downsizing Decisions
Lanigan cited ongoing investments in automation and operational improvements as the primary reasons behind the staff reductions. As retail trading volumes have slumped, Luno has accelerated its push towards automating processes that were previously handled manually. The company’s new structure merges its consumer exchange with a white-label service designed for banks and fintechs, aiming to streamline operations while serving both retail customers and institutional partners.
On paper, automation promises efficiency; in practice, it means fewer jobs.
This strategy echoes moves seen elsewhere in the sector: Exodus recently announced plans to cut 25% of its workforce to achieve $10 million to $13 million in annual operating savings. Meanwhile, Gnosis trimmed staff after reviewing its consumer-facing app. Luno’s approach appears to be part of a broader industry pattern where cost-cutting and technical upgrades go hand-in-hand as trading activity cools.
Crypto Layoffs Ripple Across Industry
The wave of layoffs at Luno is not an isolated event. According to cointelegraph.com, CryptoJobsList recorded workforce reductions or restructurings at twelve crypto-related firms in July 2026 alone. Major players such as Crypto.com (12% cut in March), Coinbase (14% in May), Dune Analytics (25% in May), BitGo (nearly 15% in June), and Block (around 4,000 jobs—or about 40%—in February) have all implemented significant layoffs this year.
The downturn has also forced some exchanges to wind down entirely: BitMEX and BitMart have ceased operations amid shrinking retail interest and regulatory headwinds. Even established firms are not immune as they seek to weather a climate marked by falling trading volumes and increased automation.
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Luno Refocuses on Africa, Asia
While Luno is scaling back globally, it is doubling down on markets where it sees long-term potential—specifically Africa and Southeast Asia. From September 1, the company will stop serving customers in select regions to concentrate resources on these core geographies. In South Africa, Luno’s partnership with Johannesburg’s Discovery Bank remains intact; Discovery began offering access to over fifty cryptocurrencies via Luno integration announced late last year.
Luno has also positioned itself as a founding participant in ZARU—a rand-backed stablecoin project alongside Sanlam, Lesaka Technologies, and EasyEquities—demonstrating continued investment in local financial infrastructure despite global setbacks. Whether these regional bets can offset the impact of broader retrenchment remains uncertain.
For now, Luno’s user base holds steady at around 16 million accounts worldwide—a figure unchanged since its last reported milestone—even as staff numbers dwindle and market uncertainty persists.
What to keep in focus
If Luno’s planned 20% global workforce reduction in July 2026 leads to further announcements of market exits or service changes—especially after its decision to stop serving some regions from September 1—users and partners in Africa and Southeast Asia could see immediate adjustments to platform access or support, though the exact number of affected employees remains unclear.
