South African staff are among those affected, but the crypto exchange will not say how many.
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South Africa will require that crypto exchanges in the country operate with licences by the end of the year.
The Luno crypto exchange plans to pull out of the Singapore market and scrap its application for a licence in the city-state.
Luno has appointed its chief operating officer, James Lanigan, as its new CEO as it seeks new funding and eyes a stock market listing.
Luno is cutting 35% of its total workforce, the latest in a slew of companies in the digital assets sector to reduce headcount.
The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout.
You can get into crypto any time you like, but can you ever leave?
Cryptocurrency broker Genesis and its parent DCG owe customers of crypto exchange Gemini $900-million, the FT reported.
Major crypto player Genesis Global Capital suspended customer redemptions in its lending business on Wednesday
Venture capitalists are pouring money into digital currency and blockchain start-ups at a pace that’s set to outstrip last year’s record.