Crypto exchange Luno is reducing its global workforce by 20%, though the exact number of impacted employees—including those in South Africa—has not been disclosed.
Key Takeaways
Digital Currency Group subsidiary Luno reduced its staff by 20% to build a leaner operational model.Retail trading drops drove Luno’s second major workforce reduction, following a 35% cut in January 2023.Luno will pivot into 3 core platform units and exit non-core markets prior to Sept. 1, 2026.South African workers are among those being let go, though specific regional numbers were not confirmed. Luno, which is headquartered in London and operates across Africa and Asia, is owned by the U.S.-based Digital Currency Group.
“This was a very difficult decision, and we did not take it lightly,” Lanigan 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.”
The retrenchments mark the second major round of job cuts at the platform in three and a half years. In January 2023, during a severe contraction in the digital asset market, Luno eliminated 35% of its workforce, which then numbered about 960 employees.
In South Africa, where Luno was originally founded in 2013, the company has initiated formal consultations with affected personnel as required under Section 189 of the country’s Labour Relations Act.
Company officials cited a cyclical slump in retail crypto activity and ongoing investments in automated tools as the primary drivers behind the restructuring. Luno stated that integrating automated systems has fundamentally altered its resource requirements, making a leaner operational structure necessary.
Alongside the headcount reduction, Luno is restructuring its operational layout into three unified divisions built on a single core platform. Firstly, it is combining its consumer platform—which serves over 16 million users across Africa and the Asia-Pacific region—with a business-to-business API integration. The service allows institutional partners to offer white-labeled crypto trading, custody, and compliance using Luno’s backend infrastructure.
According to reports, the latest restructuring follows a recent contraction in Luno’s global footprint. The platform has notified users in select markets that services will cease effective Sept. 1, 2026. Account deposits and purchasing features were disabled on June 1, with customers given until Aug. 31 to liquidate holdings and withdraw funds to local bank accounts.
