Luno is cutting 20% of its global workforce, the company confirmed. This is the second wave of layoffs for the cryptocurrency platform. The exact number of affected employees, including those in South Africa, hasn't been disclosed.
Why the cuts are happening
The layoffs are tied to a downturn in retail trading and increased automation, Luno said. The company is reorganizing its operations into three distinct units. That restructuring is driving the reduction in headcount.
Retail trading volumes have slumped across the crypto industry. Luno's move reflects a broader trend among exchanges that are scaling back after a boom period. Automation is also replacing some roles, though the company didn't specify which functions are most affected.
Reorganization into three units
Luno is splitting its business into three separate units. The company hasn't detailed what each unit will focus on. The reorganization is meant to streamline operations and improve efficiency.
This isn't the first time Luno has cut jobs. The company previously reduced its workforce, and this second round suggests the market pressures haven't eased. Luno operates in multiple countries, including South Africa, where it has a significant presence.
Impact on South Africa
Luno hasn't disclosed how many South African employees are losing their jobs. The company is based in Singapore but has a large team in Cape Town and other locations. The lack of specific numbers leaves workers and local observers guessing about the scale of the cuts in the region.
South Africa's crypto market has seen its own ups and downs. Luno's decision to cut staff globally means local offices aren't immune. The company hasn't said whether the reorganization will affect its services in the country.
The company has not said whether further layoffs are planned. For now, affected employees are being notified, and the restructuring is underway.
