Luno Cuts 20% of Staff as Crypto Exchange Shutdowns Rise

Crypto exchange Luno has cut twenty percent of its global workforce, raising concerns across the market. Chief Executive Officer James Lanigan confirmed the layoffs this week as the company shifts focus toward institutional clients and cutting costs. This reduction arrives during a stressful month for digital asset platforms, following full shutdowns from AscendEX, BitMEX, and BitMart.

While the closures of other exchanges point to growing pressure from strict regulations and tough market conditions, Luno insists its restructuring is a proactive choice. Unlike the platforms closing down entirely, Luno continues to grow its presence in Africa and build out its business services. The company recently partnered with Discovery Bank in South Africa and joined the ZARU rand pegged stablecoin project.

Digital Currency Group owns Luno, which serves sixteen million users across Africa and the Asia Pacific region. Lanigan stated that the saved funds will go directly toward infrastructure, compliance, and institutional growth. Traders and users should watch how Luno manages its regional operations with a smaller team while the broader exchange market faces heavy pressure.