CryptoGB

Luno Layoffs

January 2023

Luno announced a layoff affecting 330 employees (35% of its workforce) in January 2023. The company operates in the Crypto sector.

People Affected

330

Percentage

35%

Announced Date

Jan 25, 2023

About

London-based cryptocurrency exchange Luno is laying off 35% of its global workforce, impacting over 330 employees out of roughly 960. The cuts, announced by CEO Marcus Swanepoel in a live-streamed town hall on Wednesday, primarily affect marketing teams, with key operating and compliance teams seeing minimal impact. The company, part of the Digital Currency Group conglomerate, cites a tough 2022 marked by a worsening macroeconomic climate, the crypto market downturn, and industry shocks like the collapses of FTX and Terra, which have constrained growth and revenue. Luno will also scale back its operations in the U.S. and Australia as it navigates the ongoing "crypto winter."