According to CoinMeta, the crypto exchange Luno announced that it will lay off approximately 20% of its global staff in order to cope with weak retail trading and to transform the company into a more streamlined structure driven by automation. The CEO of Luno, James Lanigan, confirmed the layoff decision but did not disclose the exact number of employees affected. He stated that investments in automation and other operational improvements over the past year have changed the resources required for the company's operations. Luno will continue to invest in its retail products, infrastructure, and compliance, while also expanding its business-to-business services. This layoff is the second major round of layoffs for Luno in three and a half years; in January 2023, the company laid off 35% of its staff, stating that the market was facing an “extremely difficult year.”