Luno Cuts 20% of Staff as Crypto Layoffs Spread to 12 Firms in July

Luno, the cryptocurrency exchange owned by Digital Currency Group, has cut 20% of its workforce, as layoffs and restructurings across the crypto industry spread to 12 companies in July.

Cointelegraph reported on July 30 that Luno Chief Executive Officer James Lanigan told Bloomberg the company needs a different workforce structure as it introduces more automation and streamlines operations. Even as it cuts costs, Luno plans to maintain investment in compliance, core infrastructure and retail products.

This is not Luno’s first large-scale workforce reduction. In January 2023, the company cut 35% of its staff, or about 330 jobs. Founded in South Africa and now part of DCG, Luno has about 16 million users across Africa and the Asia-Pacific region. It has recently expanded beyond retail trading into infrastructure services for banks and fintech firms, as well as business for institutional clients.

The restructuring wave is spreading across the industry. CryptoJobsList data showed 12 crypto and adjacent companies carried out layoffs or organizational changes in July, affecting 894 people based on disclosed figures. So far in 2026, more than 7,254 job cuts have been confirmed at 47 companies.

Exodus also said in July that it would cut 25% of its workforce and reorganize around card issuance and stablecoin payment platforms. The company estimated the move would reduce annual operating expenses by $10 million to $13 million. Blockchain infrastructure developer Gnosis also said it reduced headcount after reviewing its consumer services division.