Crypto exchange Luno is reducing its global workforce by about 20 percent as it restructures operations and directs more resources toward institutional clients, financial infrastructure and business-to-business services. The move forms part of a broader series of job cuts across the sector in July.

Chief executive James Lanigan said the company had invested in automation and operational improvements that altered the resources required to run the business. Luno will lower costs in response to market conditions while continuing to fund compliance, core infrastructure and retail products.

The exchange previously reduced its headcount by 35 percent in January 2023, affecting nearly 330 employees amid sector-wide turbulence. Founded in South Africa and owned by Digital Currency Group, Luno serves roughly 16 million users across Africa and the Asia-Pacific region. It has expanded beyond retail trading into infrastructure services for banks and fintech firms.

At least 12 crypto and crypto-adjacent companies reported layoffs or restructurings in July, with disclosed figures totaling 894 jobs. Across 2026 more than 7,254 positions have been cut at 47 companies, with market conditions the reason most frequently given. The totals include adjacent financial technology firms and are heavily influenced by a single large reduction of 4,000 roles at Block earlier in the year.

Earlier in July, wallet provider Exodus said it would cut 25 percent of its staff and reorganize around a full-stack card-issuance and stablecoin-payments platform. The company projected annual operating savings of between $10 million and $13 million.

On Tuesday, blockchain infrastructure firm Gnosis invited potential employers in engineering, product, design, marketing, developer relations and customer relations to contact it about staff affected by a recent restructuring. Gnosis announced the workforce reduction on July 17 after reviewing its consumer-facing application.