Crypto exchange Luno is cutting its global workforce by 20%, CEO James Lanigan announced Thursday, citing automation as the driving force behind the restructuring. The layoffs come as the company pivots from retail trading toward institutional infrastructure — a strategic shift that Lanigan said is reshaping the business.
20% of staff affected
Luno did not specify how many employees the cuts will hit, but a 20% reduction across its global operations represents a significant downsizing. The exchange has offices in multiple countries, including South Africa, the UK, and Singapore. Affected staff were notified Thursday, according to a company memo reviewed by GFdaily.
CEO: Automation is reshaping the business
Lanigan said the decision was driven by automation, not financial distress. “The business is being reshaped by automation,” he stated in the announcement. The CEO did not elaborate on which specific processes are being automated, but the move aligns with a broader industry trend of exchanges using software to handle tasks previously done by humans — from compliance checks to customer support.
Pivot to institutional infrastructure
Luno’s shift away from retail is a notable change in direction. The exchange, which started as a consumer-friendly platform for buying and selling bitcoin, is now betting on serving institutions — custody, trading infrastructure, and over-the-counter services. The company has not disclosed a timeline for the transition or whether it will phase out retail products entirely.
The timing isn’t great for the affected employees, but Luno is far from alone. Several crypto firms have trimmed headcount this year as the industry matures and automation tools become cheaper and more capable. Whether the institutional bet pays off will depend on Luno’s ability to compete with established players like Coinbase and BitGo in that space.
