Finlay Tarling's NSN cycling team withdrew from the Tour of Portugal on Saturday, the day after the death of the 19-year-old British rider in an accident during the race.
Tarling, the younger brother of Ineos rider Josh, was reportedly involved in a head-on collision with a vehicle, travelling in the opposite direction, which was not connected to the event on Friday.
"Following Fin Tarling's tragic passing, the NSN Development Team has withdrawn from the remaining Volta a Portugal stages," NSN said in a statement Saturday.
"With the full support of Fin's parents, the World Tour team will race on at Czech Tour and the Arctic Race of Norway.
"We will continue to hold Fin in our hearts as we race in his honour, doing what he loved most."
Friday's eighth stage was suspended with about 20 kilometres remaining and the podium ceremony was cancelled as a "sign of respect and mourning", organisers said.
The race resumed on Saturday with leader Alex Guerin wearing a black jersey and riders wearing black armbands on the penultimate stage.
"The ninth stage of the Volta a Portugal set off in an atmosphere of mourning," said organisers on social media.
"Before the symbolic start, a minute of silence was observed in memory of Finlay Tarling."
Organisers said sponsors had cancelled planned activities this weekend out of respect.
"The race continues. There will be a sporting competition but not a party," they said in a statement.
"This Saturday, the Tour cycles for Finlay."
On Friday, a spokesman for Portugal's National Republican Guard (GNR), Tiago Machado, said there had been a collision between a cyclist and a light vehicle towards the back of the peloton.
"We do not yet know exactly the circumstances in which it unfolded. We will investigate," he told reporters.