Chief Executive Officer James Lanigan confirmed a 20 percent cut to Luno’s global workforce this week. The move comes as the exchange leans further into institutional clients and tightens costs.
The announcement follows three unrelated platforms, AscendEX, BitMEX, and BitMart, announcing full shutdowns of their exchange operations in the same month.
There has been growing pressure on crypto exchnages due to market conditions, operating difficulties and even regulations. Europe’s Markets in Crypto-Assets (MiCA) regulation ended its transition period on July 1, and AscendEX cited the change when it halted operations that same day.
BitMEX confirmed its shutdown three weeks later, and BitMart issued its own wind-down notice on July 26.
Three exchanges disappearing in a single month is a notable cluster. It raises an obvious question about whether Luno’s cuts fit the same pattern of exchange stress.
The comparison has limits and does follow a pattern seen across tech companies this year. Many major tech leaders have also trimmed their workforces, often citing AI integration. AscendEX, BitMEX, and BitMart are leaving the market entirely, while Luno is trimming staff but actually expanding its Africa footprint.
Lanigan described the changes at Luno as a choice, not a scramble, in comments to Bloomberg.
These factors mean that a leaner and adapted structure is both necessary and appropriate.
James Lanigan, Bloomberg
Digital Currency Group owns Luno, a retail exchange with 16 million users across Africa and Asia Pacific. Lanigan said the savings will go toward infrastructure, compliance, and a growing business-to-business (B2B) unit.
Discovery Bank in South Africa already works with that unit, and Luno expects to sign more institutional partners this year. Sanlam and Lesaka Technologies back a related project, ZARU, a rand-pegged stablecoin where Luno serves as a founding participant.
Luno’s bet looks calculated rather than desperate, but it comes at a time when the crypto space is very on edge with the recent wind-downs of household names.
The post Luno Staff Cuts Adds Another Red Flag as Crypto Exchange Shutdowns Pile Up appeared first on BeInCrypto.
The Nairobi Securities Exchange and Tether signed a memorandum of understanding to advance digital asset adoption, blockchain infrastructure and investor education in Kenya. Expansion of
The US Treasury has sanctioned two Iranian maritime firms involved in an alleged Islamic Revolutionary Guard Corps (IRGC)-backed insurance network, saying one accepted Bitcoin (BTC) and other digital assets to bypass Western sanctions. On Wednesday, the Treasury’s Office of Foreign Assets Control (OFAC) said that Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority were integral to what it described as an IRGC-backed insurance network that required commercial vessels to buy approved coverage before transiting the Strait of Hormuz. The firms were designated for operating in Iran’s financial sector.The action comes after earlier reports that Iran was considering a Bitcoin-based maritime insurance platform. US authorities now allege the network generated revenue for the IRGC. Treasury also sanctioned eight companies linked to Iran’s shadow fleet and identified eight vessels as blocked property.OFAC said HormuzSafe accepted BTC and other crypto as part of efforts to evade sanctions. It alleged that the platform generated revenue on behalf of the IRGC while helping Iran exert greater control over shipping through the strait. “The United States will not allow Iran to hold global commerce hostage,” Treasury Secretary Scott Bessent said, accusing the regime of using international shipping to finance the IRGC. HormuzSafe shifts from reported proposal to sanctions target On May 18, screenshots of the HormuzSafe website had circulated online offering “digital insurance” for maritime cargo, with policies payable in Bitcoin. At the time, reports suggested Iran was still considering the insurance-based model, and the website was inaccessible when checked. Iranian state-linked media Fars News Agency said the proposed platform could issue marine insurance policies and certificates of financial responsibility while potentially generating over $10 billion in revenue. The Strait of Hormuz handles about one-fifth of the global oil trade, meaning efforts to monetize or control traffic through the waterway carry significant implications for international energy markets.Related: Bitcoin threatens $62K in risk-asset rout as President Trump says US will ‘run’ closed Hormuz StraitEarlier reports, citing the Bitcoin Policy Institute, said Iran accepted oil toll payments in Chinese yuan, Tether USDt (USDT) and Bitcoin, though there was no onchain evidence that any Bitcoin payments had yet been made.Bitcoin may be attractive to sanctioned actors because it has no centralized issuer capable of freezing funds, unlike centralized stablecoins whose issuers can block addresses. In April, US authorities froze $344 million in USDT stablecoin linked to Iran. Magazine: Inside the ‘fake police raid’ that forced a $1M Bitcoin transfer
Crypto’s majors barely moved as Asia’s semiconductor selloff eased. Most are still lower over the week, with HYPE down 8%.
Kansai Electric’s rewards arm, MOACT, is pioneering a new initiative by enabling loyalty points to be converted into onchain payments on the Polygon network. This
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