Bullish
Luno Cuts 20% of Workforce and Restructures into Three Business Units
2026-07-30 11:34:27
Luno reduces global staff by 20% amid low retail trading, splitting into three units. Service withdrawals in select markets proceed with August 31 deadline for fund extraction.
Woofun AI reports that cryptocurrency exchange Luno announced on July 28 a 20% reduction in its global workforce and a restructuring into three business units. CEO James Lanigan cited cyclical declines in retail crypto trading activity and the adoption of automation tools as primary drivers for the changes. The company did not disclose the specific number of affected employees, though South African staff are included in the layoffs.
Luno, owned by Digital Currency Group, previously cut 35% of its staff in January 2023 when the workforce totaled approximately 960 employees. The new structure integrates consumer platform and B2B API services while establishing separate local currency stablecoin and institutional business units. In certain markets, Luno has notified users that services will cease on September 1, 2026, with account deposits and purchases closed since June 1 and a requirement to withdraw funds by August 31.
WOOFUN AI
Impact Assessment · Quick Read
This second major workforce reduction in under two years signals persistent pressure on retail-focused exchanges amid subdued trading volumes. The strategic pivot toward B2B APIs and stablecoin solutions suggests an attempt to diversify revenue streams away from volatile retail fees. Users in affected markets face imminent liquidity constraints, requiring immediate action to secure assets before the August deadline.
Generated by WOOFUN AI · For reference only, not investment advice
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