Crypto exchange Luno is cutting 20% of its workforce as automation reshapes operations and weaker retail trading volumes pressure the DCG-owned platform

CEO James Lanigan confirmed the cuts to Bloomberg but declined to say how many employees are affected. He said a year of automation and operational improvements changed the resources needed to run the business. It is Luno's second major reduction since it cut 35% of staff in January 2023. The firm will keep investing in retail products, infrastructure and compliance while expanding business-to-business services, combining its 16 million-user exchange with a white-label offering for banks, fintechs and telecoms. The retail slowdown reflects industry-wide pressure, with BitMEX and BitMart winding down operations.

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• Crypto
• Automation
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