Crypto exchange Luno is to shed around 20% of its global workforce and overhaul its business structure, as falling retail trading volumes and greater automation force the London-headquartered platform to slim down.
Chief executive James Lanigan confirmed the cuts on 28 July but did not disclose how many roles would be lost worldwide, or how many of those would be in individual markets. Staff in South Africa, where the company was originally founded, are among those affected.
Lanigan described the decision as “very difficult” but said the move was necessary to secure the long-term future of the business.
“This was a very difficult decision, and we did not take it lightly,” he 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.”
Luno, owned by US-based Digital Currency Group and operating across Africa and Asia, said a cyclical slowdown in retail cryptocurrency activity, combined with heavy investment in automated systems, had changed the type and number of roles it requires.
Second major round of job cuts
The move represents the second substantial downsizing at Luno in just over three and a half years. In January 2023, at the height of a sharp downturn in digital asset markets, the company reduced its headcount by 35%. At that point Luno employed about 960 people.
The latest restructuring coincides with a broader contraction in the company’s global reach. Users in certain countries have been told that Luno will stop offering services there from 1 September 2026. Deposits and crypto purchases in those markets were halted on 1 June, with customers given until 31 August to sell their assets and withdraw funds to local bank accounts.
South Africa consultations under way
In South Africa, Luno has started formal consultations with staff whose jobs are at risk, in line with Section 189 of the Labour Relations Act, which sets out procedures for retrenchment.
The company did not provide a breakdown of the number of South African employees affected but confirmed they form part of the global 20% reduction.
Lanigan has previously raised concerns about South Africa’s proposed Capital Flow Management Regulations, repeatedly warning they could damage the country’s position as a competitive destination for crypto and financial technology firms.
“Luno CEO James Lanigan warned that South Africa’s proposed Capital Flow Management Regulations could severely harm the country’s economic competitiveness…”
“Luno CEO James Lanigan warned that South Africa’s proposed Capital Flow Management Regulations could severely harm the country’s economic competitiveness…”
“Luno CEO James Lanigan warned that South Africa’s proposed Capital Flow Management Regulations could severely harm the country’s economic competitiveness…”
Three-pronged operational model
Alongside the job cuts, Luno is reorganising its business into three units, all built on a single underlying technology platform.
The first will bring together its core consumer operation, which serves more than 16 million users across Africa and the Asia-Pacific region, with its business-to-business API offering. That integration allows institutional partners to plug into Luno’s infrastructure to provide white-label cryptocurrency trading, custody and compliance services under their own brands.
A second unit will concentrate on local-currency stablecoin products tailored to emerging markets. At the centre of that division is Zaru, a rand-backed stablecoin launched in February 2026 and designed to offer low-cost, 24/7 same-day settlement.
The third arm will cater to institutional clients, running an over-the-counter desk for large cryptocurrency conversions and managing cross-border currency settlement networks.
Luno said the greater use of automated tools across these three areas had “fundamentally altered” its resource needs and made a leaner operating model unavoidable, as it seeks to adjust to a subdued trading environment while positioning itself for future growth.
