- FalconX cut about 10% of its global workforce amid a prolonged crypto market downturn.
- The company is revising its strategy in Singapore and plans to withdraw its application for a local license.
- Despite the layoffs, the broker said it intends to expand its regulated business in Europe.
Digital asset broker FalconX has cut about 10% of its staff worldwide as it braces for a prolonged downturn in the cryptocurrency market. Bloomberg reported this, citing people familiar with the matter.
According to them, roughly half of the Singapore office staff — including managers, sales, and accounting employees — were laid off.
The company changes its strategy in Singapore
Sources said FalconX is revising its strategy in the country and plans to focus on trading cryptocurrency derivatives, which does not require a license from the local regulator. As a result, the company intends to withdraw its license application with the Monetary Authority of Singapore (MAS).
Before the layoffs, the company had about 350 employees, with offices located in Silicon Valley, New York, London, Singapore, and Hong Kong, among other places.
In a written statement, the company said it is reallocating resources to priority areas, maintaining its presence in the Asia-Pacific region while also expanding its regulated business in Europe.
Bloomberg noted that despite the layoffs, FalconX continues to grow through acquisitions. Over the past 18 months, the company has completed several major deals. In early 2025, FalconX acquired crypto-derivatives startup Arbelos Markets, in October — crypto exchange-traded product issuer 21Shares, and last month it bought bloXroute, which develops blockchain trading and network infrastructure solutions.
Notably, FalconX has become the latest crypto company to resort to staff cuts amid a prolonged bear market, rising operating costs, and the advancement of artificial intelligence technologies. Earlier, Crypto.com, Coinbase, and others reported similar measures.
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