Ben Zhou, CEO of cryptocurrency exchange Bybit, said the company plans to cut 30% of its staff.
The changes are part of an ongoing reorganisation to refocus efforts.
Sunday, Zhou said cuts will be across-the-board to protect corporate operations and client assets.
Bybit is one of CoinMarketCap's top 10 crypto exchanges.
“Bybit is here for the long run,” Zhou wrote in a Thursday blog post.
The Formula One 2021 and 2022 world champions were the exchange's largest crypto sponsorship.
He also announced a $100 million institution support fund.