Luno is cutting 20% of its global workforce, CEO James Lanigan confirmed this week. The layoffs come in the same month that three other crypto exchanges — AscendEX, BitMEX, and BitMart — announced full shutdowns. Luno, owned by Digital Currency Group, has 16 million users across Africa and Asia Pacific. Lanigan told Bloomberg the cuts are a 'choice, not a scramble.'
Three exchanges gone in one month
AscendEX halted operations on July 1, citing the end of the MiCA regulation transition period. BitMEX followed three weeks later. BitMart issued a wind-down notice on July 26. That's three exchanges shutting their doors in a single month — a reminder that the post-bull market cleanup isn't over. Luno's cuts, while painful, aren't a closure. The company is keeping its platform running and even expanding in Africa.
Africa expansion continues
Despite the 20% reduction, Luno is growing its Africa footprint. The savings from the layoffs are going into infrastructure, compliance, and a growing B2B unit. Discovery Bank in South Africa already works with Luno's B2B arm. Lanigan expects to sign more institutional partners this year. The company is also a founding participant in ZARU, a rand-pegged stablecoin backed by Sanlam and Lesaka Technologies.
B2B and stablecoin play
The B2B unit is a clear priority. Luno wants to offer crypto infrastructure to banks and financial institutions, not just retail users. ZARU gives it a regulated stablecoin product in South Africa, a market where digital payments are growing fast. The timing isn't great for a layoff announcement, but the company is betting that institutional revenue will offset the lost headcount.
A broader tech trend
Luno isn't alone in trimming staff. Many major tech companies have also cut workforces this year, often citing AI integration. For crypto firms, the pressure is double: regulatory uncertainty and a still-recovering market. Luno's choice to shrink while expanding in Africa is a bet that the continent's crypto adoption will outpace the downturn.
Next up: Luno expects to announce more institutional B2B partnerships before the end of 2026. Whether the cuts were enough to keep the company profitable — and whether the Africa bet pays off — will be the story to watch.
