Luno Cuts 20% of Staff as Crypto Layoffs Spread Across 12 Firms in July
Crypto exchange Luno is reportedly cutting approximately 20% of its global workforce as part of a major restructuring that shifts focus toward institutional clients, financial infrastructure, and B2B services. This move comes amid a widespread wave of crypto layoffs, with at least 12 companies reporting job cuts in July 2023, signaling continued consolidation in the digital asset industry. Luno CEO James Lanigan explained that the company has invested in automation and broader operational improvements that changed the resources needed to run the business. This isn't Luno's first round of workforce reductions, as the exchange previously cut 35% of its staff in January 2023, affecting nearly 330 employees. The crypto sector continues to face significant challenges with market volatility and regulatory compliance, forcing companies like Luno to rapidly adapt to changing market conditions while maintaining focus on core infrastructure and retail products.
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