Digital asset broker FalconX has cut around 10% of its staff worldwide, preparing for a prolonged downturn in the cryptocurrency market. This was reported by Bloomberg, citing informed sources.
According to them, about half of the employees at the Singapore office, including managers, sales and accounting staff, were laid off.
Company Changes Strategy in Singapore
According to sources, 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. In connection with this, the company intends to withdraw its application for a license from 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 comment, the company stated that it is reallocating resources to priority areas, maintaining its presence in the Asia-Pacific region while simultaneously expanding its regulated business in Europe.
Bloomberg noted that despite the cuts, FalconX continues to grow through acquisitions. Over the past 18 months, the company has made several major acquisitions. In early 2025, FalconX acquired the crypto derivatives startup Arbelos Markets, in October — the crypto exchange-traded product issuer 21Shares, and last month it acquired bloXroute, which develops solutions for blockchain trading and network infrastructure.
It is worth noting that FalconX has become another cryptocurrency company to resort to staff reductions amid a prolonged bear market, rising operating costs, and the development of artificial intelligence technologies. Earlier, similar measures were reported by Crypto.com, Coinbase, and others.
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