Banxa, an Australian crypto payment firm, has announced that it will reduce its staff numbers by 30% amid the ongoing bear market conditions, the Australian Financial Review reported on Monday.

According to the AFR report, the current crypto market downturn has led to dwindling trading volume for the company. Banxa, a publicly listed crypto outfit in Australia has seen its share price decline by about 74% in the last year.

Following the layoffs, the company’s staff strength will reduce from 230 to 160. Most staff cuts will come from the firm’s international offices in Europe and Indonesia. Banxa has also paused all European expansion efforts and will instead concentrate on its operations in Australia and the Philippines.

Apart from staff cuts and culling its expansion drive, the firm has also enacted more austerity measures including the cancellation of dinners, drinks and other internal company events. Banxa CEO Holger Arians reportedly told staff in a meeting that the company grew too quickly and must now restructure itself amid the current market climate which he predicted could last for up to a year.

Brian Armstrong, CEO of US exchange giant Coinbase, offered a similar explanation for his company’s staff cuts earlier in the month. The company laid off nearly 20% of its employees while also instituting a hiring freeze and rescinding previously issued offers to new hires.

Banxa’s staff cuts are the latest in the industry as crypto firms continue to cope with the general market decline. Cryptocurrency businesses have laid off more than 1,500 people in the last two months, The Block reported earlier in June.

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