Crypto Exchange Luno Cuts 20% of Workforce as Retail Trading Slows

Crypto exchange Luno is reducing its global workforce by roughly 20%, as weaker retail trading activity and increased automation push the company toward a leaner operating model focused more on institutional partnerships.

CEO Cites Automation as Key Driver

Luno’s chief executive James Lanigan confirmed the layoffs, explaining that automation investments and operational improvements over the past year reduced the resources needed to run daily operations. He did not disclose the exact number of affected employees. The company said it will continue investing in retail products, infrastructure and regulatory compliance while expanding its business to business services.

Second Major Layoff in Recent Years

This marks Luno’s second significant workforce reduction in three and a half years, following a 35% staff cut in early 2023 attributed to difficult market conditions. The exchange now combines its retail platform, serving around 16 million users, with a white-label service allowing banks and fintech companies to offer crypto products under their own branding, supported by Luno’s liquidity and compliance infrastructure.

Broader Industry Slowdown

The move reflects wider challenges across the crypto exchange industry, with several other platforms recently scaling back or shutting down operations amid weaker retail trading volumes.