Luno Joins Wave of Crypto Layoffs With 20% Workforce Cut

Lanigan stated that investments in automation and shifting operational requirements necessitated a leaner company structure. While the executive emphasized that the reduction is both necessary and appropriate, Luno has not disclosed the total number of employees impacted or the specific regions affected by the downsizing. The exchange, owned by Digital Currency Group, maintains it will continue to support core infrastructure and retail offerings while scaling its liquidity and trading platforms for professional clients.

This latest retrenchment is smaller than the 35% workforce reduction Luno implemented in January 2023, a period when the exchange shed roughly 330 roles amid a severe market downturn. Unlike some industry peers, Luno has not provided projections regarding potential cost savings or restructuring charges. The move coincides with a wider contraction across the sector; data from CryptoJobsList indicates that 12 firms, including BitMEX, Uphold, and Exodus, initiated cuts in July alone. The cumulative impact across six of these firms accounts for 894 confirmed job losses, though the total scale of the industry decline remains obscured by incomplete disclosures from companies like Luno and Gnosis.