Luno admits it: retail volumes can't carry the business anymore — exchange cuts a fifth of its staff

Crypto exchange Luno, part of Digital Currency Group, is cutting 20% of its global workforce — the company announced it on July 28. Luno's own framing is blunt: retail volumes aren't recovering fast enough, and the money is in B2B, Crypto Briefing reports. By its own admission, the retail business can no longer sustain the company's cost structure.

CEO James Lanigan told Bloomberg the company needs a different workforce structure as it leans further into automation: Luno already invested heavily in automation and operational efficiency last year, and the staffing needed to run the business is changing fast, Bloomberg reports. The company hasn't specified exactly which regions or how many people are affected — but South Africa, Luno's home market, wasn't spared either.

• Resources are shifting toward institutional products, financial infrastructure, and B2B services
• A specific focus: stablecoin infrastructure — custody, settlement, and compliance for institutional stablecoin use
• This isn't Luno's first big cut — the exchange laid off 35% of staff back in January 2023
• Parent company DCG is still stabilizing its portfolio after its lending arm Genesis collapsed in 2023

Luno isn't the only casualty of July's wave: CryptoJobsList data shows 12 crypto and adjacent companies made cuts or reorganized this month, affecting nearly 900 people. The broader pattern mirrors what's happening across tech more generally — automation and AI tools are reshaping staffing needs faster than companies can adapt; a similar story recently surfaced at Meta, where employees sued over layoffs assisted by AI.

This piece is informational, not a recommendation to buy, sell, or hold any asset.