Luno cuts 20% of staff as crypto layoffs hit 12 firms in July
In brief
- Luno cut 20% of global workforce in July, focusing on automation and operational improvements.
- 12 crypto companies reported layoffs in July, affecting 894 disclosed jobs across the industry.
- Exodus announced 25% staff reduction, expected to save $10–13 million annually.
- CryptoJobsList tracked 7,254+ job cuts across 47 companies in 2026; market conditions cited most often.
- Luno, owned by Digital Currency Group, shifts focus to institutional clients and B2B services.
Luno's Strategic Shift
Luno CEO James Lanigan said the company had invested in automation and broader operational improvements that changed the resources needed to run the business. The restructuring reflects a shift in priorities: Luno is moving resources toward institutional clients, financial infrastructure and business-to-business services.
This isn't Luno's first major workforce reduction. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees. The latest cuts suggest the company continues to right-size operations amid volatile market conditions.
Luno serves about 16 million users across Africa and the Asia-Pacific region, making it a significant player in emerging markets for crypto adoption.
Wider Industry Retrenchment
July saw a particularly active month for crypto layoffs. Crypto wallet company Exodus announced plans to cut 25% of its staff, with the move expected to produce between $10 million and $13 million in annual operating savings. Gnosis reduced its workforce following a review of its consumer-facing Gnosis App on July 17.
The pattern extends beyond July. CryptoJobsList has tracked more than 7,254 disclosed job cuts across 47 companies in 2026, with market conditions cited most often as the reason. Yet several crypto companies also cited AI, automation and operational efficiency when cutting staff.
The restructurings signal a maturation phase in crypto. Companies are no longer hiring aggressively. They're optimizing for profitability and building leaner teams that depend on technology rather than headcount to scale operations.
