Cryptocurrency company Amber Group is cutting costs and laying off employees across the board, halving its total headcount in Hong Kong to 40 by cutting support jobs including IT, risk management, audit and compliance, according to the South China Morning Post.

According to people familiar with the matter, Amber has reduced its compliance staff worldwide from more than 20 people to less than 5 in the past few months. The company has also laid off its entire internal audit team. Amber has also moved its Hong Kong office from Hong Kong's Central Business District to a cheaper office in Causeway Bay and delayed paying bills to third-party suppliers, including technology services, recruitment agencies and consultants, some of which have been owed for up to six months.

Amber said it expected and was prepared to take an extremely conservative stance in order to be able to go further. Amber's Hong Kong office has more than 100 employees and is "business as usual."