CoinDesk
Crypto exchange Luno is cutting roughly 20% of its global workforce, the company's second major round of layoffs in three and a half years. CEO James Lanigan confirmed the cuts to Bloomberg but declined to disclose the exact headcount, attributing the decision to a year of automation investment and weaker retail trading volumes. Luno will keep spending on retail products, infrastructure and regulatory compliance while expanding its business-to-business offering.
Why it matters
Luno is the latest consumer-facing venue to publicly shrink rather than wait out the cycle. BitMEX and BitMart have wound down operations this year, and the broader retail-trading slowdown that drained volumes across centralised exchanges in 2024-2025 is now showing up in staffing decisions. The DCG-owned exchange cut 35% of staff in January 2023 and is again signalling that the prior cost base no longer matches the revenue mix. Lanigan's framing, automation changing the resources needed to run the business, is the language exchanges use when AI and tooling have permanently reduced headcount-per-trade, not when a downturn is expected to reverse.
Market impact
The strategic shift matters as much as the cuts. Luno now combines a 16 million-user retail exchange with a white-label service that lets banks, fintechs and telecoms offer crypto products through their own brands, with Luno supplying liquidity, wallets and compliance infrastructure. South Africa's Discovery Bank launched access to more than 50 cryptocurrencies through Luno in December 2025, the template for that line of business. The exchange also stopped serving customers in some markets from September 1 to concentrate on Africa and Southeast Asia. The read for the sector: consumer exchange economics are still tightening, and the live growth lane for mid-tier venues is now plumbing crypto into TradFi rails rather than acquiring retail traders directly.
Frequently asked questions
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Why is Luno cutting staff now?
CEO James Lanigan told Bloomberg that a year of automation investment combined with weaker retail trading volumes has changed the resources needed to run the business.
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How many employees is Luno cutting?
About 20% of its global workforce. Lanigan confirmed the cuts but did not disclose the exact headcount affected.
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Has Luno done layoffs before?
Yes. Luno cut 35% of staff in January 2023, citing an incredibly tough year for the market. The current round is its second major workforce reduction in roughly three and a half years.
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Who owns Luno?
Digital Currency Group acquired Luno in 2020. The exchange operates a 16 million-user retail platform alongside a B2B white-label service for banks, fintechs and telecoms.
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What is Luno's B2B strategy?
Luno runs a white-label service that lets banks, fintechs and telecom operators offer crypto products under their own brands, supplying liquidity, wallets and compliance infrastructure. South Africa's Discovery Bank launched access to more than 50 cryptocurrencies through Luno in December 2025.
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