Luno Layoffs to Affect 20% of Staff Worldwide Amid Restructuring

Crypto exchange Luno is cutting about 20% of its global workforce, a move that underscores the ongoing recalibration of digital asset firms even in markets that have leaned into regulatory clarity. The layoffs, confirmed by Chief Executive Officer James Lanigan, affect staff across markets including Singapore, where Luno operates as a Major Payment Institution licensed by the Monetary Authority of Singapore.

Lanigan told Bloomberg that investments in automation and operational improvements had shifted the resources the business needs to run efficiently. While he did not disclose exact headcount numbers, the reduction signals that Luno is prioritising cost discipline after a period of expansion in its consumer platform, infrastructure, and compliance functions. The company says it plans to maintain investment in those three areas even as it pares headcount.

The cuts come amid a broader cooling in the crypto hiring market. Just this month, Coinbase announced a hiring push targeting about 50 new roles in Singapore, signalling that the sector is not uniformly contracting. Luno's restructuring appears to be a company-specific response to margin pressure and an automation-first strategy rather than a directional signal for the industry as a whole.

For Singapore's crypto ecosystem, the layoffs are a reminder that regulatory licensing — while providing legitimacy and a clearer operating environment — does not shield firms from business-model pressure. Luno was among the earliest exchanges to secure MAS approval, yet even with that regulatory moat, the company is making headcount reductions to align costs with revenue realities in a market where trading volumes have not rebounded to previous peaks.

Why it matters for Singapore: Singapore has positioned itself as a crypto-friendly but tightly regulated hub, attracting exchanges like Luno, Coinbase, and Crypto.com to set up shop under the Payment Services Act. Luno's job cuts, however, suggest that regulatory clarity alone does not guarantee growth. The real test for Singapore-licensed crypto firms is whether they can build sustainable, profitable businesses in an asset class that remains volatile and cyclical. For the talent market, the layoffs may free up experienced crypto compliance and product professionals for the firms that are still hiring.