Luno cuts 20% of staff as automation lowers headcount

On July 28, Luno announced it will reduce its global workforce by 20% as it restructures into three core divisions and expands automation following a decline in retail crypto trading.

The London-headquartered exchange, owned by Digital Currency Group and operating across Africa and Asia, did not disclose the number of staff affected. Company representatives confirmed employees in South Africa are included and that formal consultations under Section 189 of South Africa’s Labour Relations Act have begun.

In a statement, CEO James Lanigan described the decision as “very difficult” and wrote the changes aim to create a leaner operational model and sustain the business over the long term.

Under the plan, Luno will merge its consumer exchange, which serves more than 16 million users across Africa and the Asia-Pacific, with a business-to-business API that lets institutional partners offer white-labeled trading, custody and compliance using Luno’s backend.

A second division will focus on local-currency stablecoin solutions for emerging markets, anchored by Zaru, a rand-backed stablecoin launched in February 2026 to enable low-cost, same-day settlement.

The third division will provide institutional services, including an over-the-counter desk for large-volume asset conversions and cross-border currency settlement networks.

Company officials noted investments in automation have reduced the number of staff needed to operate parts of the platform, prompting the change to a smaller, more integrated structure.

The cuts are the second major round of job reductions at Luno in recent years. In January 2023 the company cut about 35% of its staff when the workforce then numbered roughly 960 employees.

Luno has also narrowed its global footprint. Deposits and purchasing functions were disabled on June 1 in affected jurisdictions; customers were given until Aug. 31, 2026 to liquidate holdings and withdraw funds to local bank accounts, and full service in those markets is scheduled to end on Sept. 1, 2026.

Luno stated the reorganization and market exits are intended to concentrate resources on areas where it sees opportunity and to align costs with current trading volumes and technology.