Crypto exchange Luno has implemented strict restrictions on cryptocurrency transfers for customers affected by its regional exit, with June 29 marking the final date affected users could transfer crypto to external wallets. As reported by crypto.news, the company began limiting affected accounts on June 1, disabling deposits, crypto purchases, incoming transfers, recurring purchases and pending orders. Customers could still sell assets, withdraw money to a bank and send crypto elsewhere until June 29, after which the transfer window closed. The restrictions apply to an undisclosed group of customers whose accounts will close permanently on September 1, with Luno having not publicly identified the affected regions or stated how many users received the notice as of August 3. Users who missed the transfer deadline must sell their holdings before withdrawing cash to a bank by August 31, with selling and normal bank withdrawals stopping after August 31 while wallet access ends when accounts close on September 1.
Crypto exchange Luno has officially announced on July 28 that it will cut approximately 20% of its global workforce as part of a comprehensive restructuring. According to reports from Bloomberg, CEO James Lanigan confirmed the cuts but declined to disclose the exact number of employees affected. The Digital Currency Group-owned company is restructuring its operations into three business units to better serve its institutional and retail customers. CEO James Lanigan stated that investments in automation and other operational improvements over the past year have fundamentally changed the resources needed to run the business. The company will reduce costs while directing more resources toward institutional customers and its business-to-business unit. This marks Luno's second major workforce reduction, following a 35% cut of approximately 330 jobs in January 2023 when its total workforce was approximately 960 employees. The company currently serves 16 million users across Africa and the Asia-Pacific region, having expanded beyond retail trading into infrastructure services for banks and fintech firms.
The Luno cuts are part of a broader trend affecting the cryptocurrency sector, with 12 crypto-related companies reporting July restructurings according to the CryptoJobsList tracker. Companies with disclosed job cuts include Luno, Gnosis, Uphold, BitMart, Dango, Odos, BitMEX, Exodus, Polygon Labs, AscendEX, Zapper and Yield Guild Games. Adding published figures for six of these companies gives 894 affected jobs, with BitMart accounting for 550 positions, BitMEX 160, Uphold 85, Exodus 54, Yield Guild Games 35, and Odos 10. However, the figure remains incomplete as Luno, Gnosis and several other companies did not disclose exact totals. So far in 2026, more than 7,254 job cuts have been confirmed at 47 companies according to CryptoJobsList data. The weaker retail trading business reflects the broader picture across the crypto industry, which has seen exchanges BitMEX and BitMart wind down their operations.
Co-founder Friederik Ernst confirmed workforce reductions in Gnosis' second-quarter report published on July 17, stating the organization had reduced the Gnosis App team after deciding that "growth has been linear, and linear is not good enough" for a consumer product. According to CryptoJobsList, the organization plans to remove Gnosis App from Gnosis Ltd during the third quarter, with a smaller team seeking decentralized autonomous organization funding for an independent company. The app had approximately 800 active card users in the second quarter, up from roughly 500 in the first quarter, though management said the product required a smaller structure and faster decision-making outside the wider Gnosis organization.
In July, Exodus announced it would cut 25% of its workforce and reorganize around card issuance and stablecoin payment platforms. As reported by Cointelegraph, the company estimated the move would reduce annual operating expenses by $10 million to $13 million. The restructuring follows Exodus' integration of Monavate and Baanx into a stablecoin payments and card platform, with the company currently serving 15 million customers worldwide according to its website.
According to Bloomberg, company officials cited a cyclical slump in retail crypto activity and ongoing investments in automated tools as the primary drivers behind the restructuring. Luno stated that integrating automated systems has fundamentally altered its resource requirements, making a leaner operational structure necessary. The restructuring follows a recent contraction in Luno's global footprint, with the platform notifying users in select markets that services will cease effective September 1, 2026. Account deposits and purchasing features were disabled on June 1, with customers given until August 31 to liquidate holdings and withdraw funds to local bank accounts. 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. The new structure combines its 16 million-user retail exchange with a white-label service allowing banks, fintechs and telecommunications companies to offer crypto products through their own brands, with Luno supplying the liquidity, wallets and compliance infrastructure. The company says it is withdrawing to "focus on our core markets across Africa and South East Asia," with its current availability page naming Kenya, Nigeria and South Africa as supported African markets alongside Indonesia and Malaysia in Southeast Asia, though it has not publicly named the regions receiving closure notices.
