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Luno is a crypto asset exchange that makes it safe and easy to buy, store, and learn about cryptocurrencies.
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Luno to Cut 20% of Global Workforce and Restructure into Three Business Units
cryptocurrency exchange Luno announced on July 28 that it will cut 20% of its global workforce and restructure its operations into three business units. The company did not disclose the total number of affected employees, with South African staff also included in the layoffs. Luno is headquartered in London, with operations spanning Africa and Asia, and is owned by US-based Digital Currency Group. CEO James Lanigan stated that the cyclical decline in retail crypto trading activity and the adoption of automation tools are the main reasons for this restructuring. Luno previously cut 35% of its staff in January 2023, when its total workforce was approximately 960 employees. Following this restructuring, the company will integrate its consumer platform and B2B API services, and establish a local currency stablecoin solutions unit along with an institutional business unit. Luno has notified users in certain markets that related services will be discontinued on September 1, 2026. Account deposit and purchase functions were already closed on June 1, and users are required to liquidate their holdings and withdraw funds to local bank accounts by August 31.
Crypto exchange Luno launches global restructuring and lays off about 20%
According to Bloomberg, Digital Currency Group (DCG)-owned cryptocurrency exchange Luno will lay off 20% of its staff. Luno is currently undergoing restructuring to adapt to current market conditions, while expanding its B2B business and cutting costs. Luno CEO James Lanigan stated that this move is to optimize operations, but did not disclose the specific number of affected employees.
Luno formally challenges South Africa’s proposed capital flow regulatory rules
Cryptocurrency exchange Luno has formally challenged South Africa’s proposed foreign exchange law reforms, arguing that the National Treasury’s plan to include digital assets under capital flow regulations bypasses parliament and involves the property and privacy rights of millions of South Africans. In its submission, Luno pointed out that the draft contains provisions for asset seizure without court orders, forced liquidation, and sanctions that could lead to business termination. Violators could face up to five years in prison, fines of up to $53,000, or both. Luno recommends that the final framework for crypto capital flows be established through an act of parliament, classifying crypto assets purchased and held on licensed exchanges in South Africa as domestic assets, and distinguishing between different digital asset categories based on their economic functions. Luno also suggests removing mechanisms for forced sales and warrantless asset seizures, and allowing non-resident international trading companies to continue accessing the South African market with appropriate registration, in order to maintain market liquidity.