Luno cuts 20% of global staff as CEO James Lanigan leads restructuring

Luno, the Digital Currency Group-owned crypto exchange with roots in South Africa, is laying off roughly 20% of its global workforce. The cuts, announced on July 28, come as CEO James Lanigan steers the company through a restructuring designed to trim costs and reposition the business around institutional clients rather than retail traders. If this feels like deja vu, that’s because it is. Luno slashed 35% of its staff back in January 2023 during the broader crypto winter. Two and a half years later, the exchange is back at the chopping block, this time with a more surgical rationale: retail volumes aren’t recovering fast enough, and the money is in B2B. From retail darling to institutional pivot Luno built its reputation as one of the more accessible on-ramps for crypto buyers across Africa, Europe, and parts of Asia-Pacific. The current restructuring reflects that reality. Rather than waiting for retail enthusiasm to return, Lanigan is pushing the company toward business-to-business services and institutional product offerings. Stablecoin infrastructure appears to be a central piece of that strategy. The company has said customers should not expect disruptions to services or oper...