DCG-owned crypto exchange Luno loses top global leader as woes mount

DCG, Luno’s parent company, has been struggling with the ongoing fallout from last year’s drop in token prices and the collapse of FTX.

Rafael Henrique | Sopa pictures | Lightrocket via Getty Images

Vijay Ayyar, a top executive at cryptocurrency exchange Luno and one of its earliest employees, is leaving the company.

Ayyar, who is Luno’s vice president of corporate development and international, retired from the firm after seven years working there, he told CNBC on Tuesday.

It comes after the company, which is owned by Digital Currency Group, announced the closure of its operations in Singapore, where Ayyar is based.

However, Ayyar said the move was unrelated to Luno’s decision to leave Singapore and that he was leaving to join another company in the crypto and Web3 space. Ayyar did not reveal which company he is joining next.

“I am leaving Luno after 7 years with the company,” Ayyar said in a WhatsApp message. “Given the time I’d spent on Luno, it seemed like it was time for a new challenge.”

A spokesperson for Luno confirmed Ayyar’s decision on Tuesday.

“Vijay will leave after seven years,” the spokesperson said. “His role is global and not related to anything related to our closure in Singapore. He is leaving to pursue a new opportunity in the industry.”

Ayyar had a number of roles in Luno over the years. He was most recently tasked with building out the firm’s business-oriented services, pitching Luno accounts to funds, fintech companies and businesses looking to use crypto.

Prior to that, Ayyar led Luno’s partnership efforts globally, helping the exchange launch in over 40 markets across Southeast Asia, Africa, Europe and the US

In addition to his corporate responsibilities at Luno, Ayyar also serves as something of a crypto market guru, providing frequent commentary to the press on market movements.

His departure comes as Luno undergoes a major restructuring to address the downturn in crypto markets. Luno laid off 35% of its workforce in January, joining a number of other crypto exchanges that have cut jobs.

The company also lost its co-founder and chief technology officer, Timothy Stranex, in December.

In March, Luno announced that CEO Marcus Swanepoel was stepping down and would be replaced by Chief Operating Officer James Lanigan.

The company hired Canaccord Genuity, the investment bank, to litigate outside investors for the first time since it was acquired by DCG in 2020.

DCG, Luno’s parent company, has been struggling with the ongoing fallout from last year’s plunge in token prices, and the collapse of FTX, the controversial exchange whose failure in November triggered a series of industry bankruptcies.

SEE: FTX’s collapse shakes crypto to its core. The pain may not be over