Luno cuts 20% of global staff amid crypto industry layoffs
Crypto exchange Luno, a subsidiary of the U.S.-based Digital Currency Group, announced it is reducing its global workforce by about 20%. The lay‑off affects employees worldwide, including staff in South Africa where the firm was founded, and follows a previous 35% cut in early 2023. Luno serves roughly 16 million users across Africa and the Asia‑Pacific region and is shifting resources toward institutional clients, financial infrastructure and business‑to‑business services. CEO James Lanigan said automation and operational upgrades have lowered the staffing needs, prompting the company to reorganise into three core platform units while continuing to invest in compliance and core infrastructure. The move is part of a wider wave of crypto‑sector job cuts that hit at least 12 firms in July, reflecting tighter budgets and reduced retail trading activity.
Entities: Digital Currency Group · James Lanigan · Luno
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] The layoffs are part of a broader wave of crypto‑sector job cuts that affected at least 12 companies in July. (First article)
- [○ 1 SOURCE] Luno is owned by the U.S.-based Digital Currency Group. (Third article)
- [● 2 SOURCES] Luno will restructure into three core platform units and focus on institutional, infrastructure and B2B services. (Second and third articles)
- [○ 1 SOURCE] Luno serves about 16 million users across Africa and the Asia‑Pacific region. (Second article)
- [● 2 SOURCES] CEO James Lanigan said automation and operational improvements reduced the staffing needs. (Second and third articles)
- [● 3 SOURCES] Luno is cutting about 20% of its global workforce. (All three articles)