Luno cuts 20% of staff as crypto layoffs spread across 12 firms in July

Crypto exchange Luno is reportedly cutting about 20% of its global workforce as it restructures operations and shifts more resources toward institutional clients, financial infrastructure and business-to-business services. 

According to a Bloomberg report on Tuesday, Luno CEO James Lanigan said the company had invested in automation and broader operational improvements that changed the resources needed to run the business. Luno will also trim costs in line with market conditions while investing in compliance, core infrastructure and retail products. 

Luno has previously made larger workforce reductions. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees, as turbulence across the technology and crypto sectors weighed on its growth and revenue.

Founded in South Africa and owned by Digital Currency Group, Luno serves about 16 million users across Africa and the Asia-Pacific region. The company has expanded beyond retail trading into infrastructure and institutional services, including providing crypto infrastructure for banks and fintech firms.

Luno’s rationale for the layoffs reflects a wider industry trend, with several crypto companies citing AI, automation and operational efficiency when cutting staff.

Related: BitGo cuts 15% of staff to sharpen focus on AI, stablecoins

Crypto layoffs spread across industry

Jobs tracker CryptoJobsList recorded layoffs or restructurings at 12 crypto and crypto-adjacent companies in July, with disclosed figures totaling 894 jobs affected. CryptoJobsList has tracked more than 7,254 disclosed job cuts across 47 companies in 2026, with market conditions cited most often as the reason. 

The data serves as a broad industry indicator rather than a definitive crypto-only total, as it includes adjacent financial technology companies and is heavily skewed by Block’s 4,000-person reduction in February.

Layoffs by month. Source: CryptoJobsList

Earlier in July, crypto wallet company Exodus announced plans to cut 25% of its staff while reorganizing around a full-stack card-issuance and stablecoin-payments platform. Exodus said the move could produce between $10 million and $13 million in annual operating savings.

On Tuesday, blockchain infrastructure developer Gnosis invited companies hiring across engineering, product, design, marketing, developer relations and customer relations to contact it for introductions to former employees affected by a recent restructuring. The company said on July 17 that it had reduced its workforce following a review of its consumer-facing Gnosis App.

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