Lean Mean Crypto Machine: Luno Slices 20% of Staff as Industry Cuts Hit 12 Firms

Crypto exchange Luno is 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. Founded in South Africa and owned by Digital Currency Group, Luno serves about 16 million users across Africa and the Asia-Pacific region. The exchange previously cut 35% of its staff in January 2023, affecting nearly 330 employees.

Luno's rationale for the layoffs reflects a wider industry pattern, with several crypto companies citing AI, automation and operational efficiency when reducing headcount. 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 is skewed by Block's 4,000-person reduction in February and includes adjacent financial technology companies.

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, projecting 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. Gnosis said on July 17 that it had reduced its workforce following a review of its consumer-facing Gnosis App.