According to ME News, on August 4 (UTC+8), digital asset prime broker FalconX laid off approximately 10% of its global workforce. Prior to the layoffs, FalconX had around 350 employees across the United States, the United Kingdom, Singapore, and Hong Kong. FalconX is adjusting its strategy in Singapore, shifting focus toward cryptocurrency derivatives trading, and plans to withdraw its application for a local license submitted to the Monetary Authority of Singapore. The company intends to maintain its presence in Asia while expanding its operations in Europe. (Source: ODAILY)
FalconX Cuts 10% of Its Workforce and Withdraws Singapore License Application
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Summary
FalconX has reduced its global workforce by 10% and will withdraw its Singapore license application, according to MetaEra. The company is refocusing on crypto derivatives trading in Asia while expanding in Europe. Traders are now evaluating this move in terms of market support and resistance levels. The decision may impact FalconX’s risk-to-reward ratio as it reallocates resources. Staff reductions affected approximately 350 employees across the U.S., U.K., Singapore, and Hong Kong.
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