Cryptocurrency exchange Luno is cutting about 20% of its global workforce as weaker retail trading and automation push the company toward a leaner structure and more institutional business, according to a report by Bloomberg on Thursday. The firm’s CEO James Lanigan confirmed the cuts to Bloomberg but declined to disclose the number of employees affected. Luno will continue investing in its retail products, infrastructure and regulatory compliance while expanding its business-to-business offering. Luno’s 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. The weaker retail trading business reflects the broader picture across the crypto industry, which has seen exchanges BitMEX and BitMart wind down their operations.