Luno Cuts 20% of Global Workforce in Second Major Layoff Round Amid Automation Push

Cryptocurrency exchange Luno is eliminating 20% of its global workforce and reorganizing its operations into three distinct business units, citing a cyclical downturn in retail trading and a growing shift toward automation. CEO James Lanigan announced the restructuring on July 28, though the company did not disclose the total number of employees affected.

South African workers are among those being laid off, although specific regional figures were not confirmed. Luno, headquartered in London with operations across Africa and Asia, is owned by the U.S.-based Digital Currency Group, which has been restructuring several of its portfolio companies since its subsidiary Genesis Global Capital filed for bankruptcy in January 2023.

"This was a very difficult decision, and we did not take it lightly," Lanigan said in a statement. "We have incredible people across this organization, and saying goodbye to colleagues who have contributed so much is hard. But it is a decision we've had to make — for our customers, our remaining team and our long-term mission — which is to build a structure that is sustainable and focused."

Second Major Round of Job Cuts

The layoffs represent the second major workforce reduction at Luno in approximately three and a half years. In January 2023, during a sharp contraction in the digital asset market, the company cut 35% of its staff, which then totaled roughly 960 employees.

The latest cuts come as a number of crypto exchanges globally have cited automation, AI-driven compliance tools, and reduced retail trading volumes as reasons for trimming headcount, a pattern that has accelerated since the 2022–2023 market downturn.

In South Africa, where Luno was founded in 2013, the company has begun formal consultations with affected employees as required under Section 189 of the country's Labour Relations Act.

Company officials pointed to a cyclical slump in retail crypto activity and sustained investment in automated tools as the primary factors driving the restructuring. Luno stated that integrating automated systems has fundamentally altered its resource needs, making a leaner operational structure necessary.

Three New Operational Divisions

Alongside the staff reduction, Luno is consolidating its operations into three unified divisions built on a single core platform.

The first division merges Luno's consumer platform — which serves over 16 million users across Africa and the Asia-Pacific region — with its business-to-business API integration. This service enables institutional partners to offer white-labeled cryptocurrency trading, custody, and compliance solutions using Luno's backend infrastructure.

The second unit is focused on local-currency stablecoin solutions for emerging markets. It centers on Zaru, a rand-backed stablecoin launched in February 2026 that is designed to provide 24/7 same-day settlement at low cost. Local-currency stablecoins have drawn growing interest across African and Asian markets, where dollar-pegged tokens can be difficult to access and cross-border remittance costs remain among the highest in the world.

The third unit is an institutional arm featuring an over-the-counter desk for high-volume asset conversions and cross-border currency settlement networks.

Global Footprint Contraction

The restructuring follows a recent narrowing of Luno's global presence. The platform has notified users in select markets that services will cease effective Sept. 1, 2026. Account deposits and purchasing features were disabled on June 1, and customers have been given until Aug. 31 to liquidate holdings and withdraw funds to local bank accounts. The retreat mirrors a broader trend among mid-tier exchanges, many of which have exited smaller or less profitable jurisdictions to concentrate resources in core markets amid rising regulatory compliance costs.