Restructuring: Bitvavo cuts 94 jobs amid weak crypto market
According to insiders, 94 jobs will be cut; Bitvavo points to changing market conditions and wants to operate more efficiently and quickly.
In brief
- Bitvavo has carried out a restructuring and, according to insiders, 94 jobs will be cut.
- The company says it is adapting to a changing market environment to remain strong, focused and competitive.
- The restructuring comes at a time of weaker crypto markets and stricter European rules for crypto companies.
Bitvavo has carried out a restructuring that will result in part of its workforce being laid off. Insiders told BNR that 94 jobs are affected. A spokesperson for the crypto company would not confirm exactly how many employees have been affected, but did not deny the figure either.
Bitvavo wants to operate more efficiently and quickly
According to Bitvavo, the restructuring is intended to keep the company “strong, focused and well positioned” for its next phase of growth. In a statement, the crypto company said the market environment has changed and that it needs to adapt in order to remain resilient and competitive.
The explanation comes against a backdrop in which many crypto companies have been dealing with weaker trading volumes and more cautious customers for some time. The price of Bitcoin has fallen sharply over the past year and, although it picked up again in August, it remained well below previous levels. As a result, traders are becoming less active and crypto companies are seeing less activity on their platforms.
Pressure on Dutch exchanges
Bitvavo's move comes at a time when other Dutch providers are also under pressure. Knaken was recently declared bankrupt by the Rotterdam District Court after the Public Prosecution Service requested its bankruptcy following signals from the AFM about a highly concerning situation at the crypto service provider.
The bar for Dutch crypto companies has also been raised since the introduction of new European crypto legislation. From the beginning of 2025, companies had six months to obtain a licence. Knaken failed to do so, while Bitvavo did secure a licence at the time.
More than just Bitvavo
The restructuring is not an isolated case. In the United States, other crypto companies have also filed for bankruptcy protection or reduced their workforces. BlockFills filed for bankruptcy in March after a $75 million loss, while Coinbase recently cut 14% of its workforce as artificial intelligence changes the way the company operates.
These developments show that crypto companies can simultaneously face lower trading activity, stricter regulation and changes in how they run their businesses. This can be particularly relevant for crypto exchanges, as they have to deal with lower trading activity, higher compliance requirements and increased pressure on costs.
