FalconX Cuts 10% of Staff Amid Crypto Market Downturn
FalconX reduced its global workforce by 10% and withdrew a Singapore license application to prioritize crypto derivatives trading and European expansion.
Digital assets brokerage firm FalconX cut 10% of its global workforce following a prolonged downturn in cryptocurrency markets. The reductions heavily impacted the company's Singapore office, where approximately half of the staff—including senior managers and employees in accounting and sales—were dismissed.
As part of a strategic pivot toward crypto derivatives trading, the firm plans to withdraw its license application with the Monetary Authority of Singapore. Despite the regional cuts, the company intends to maintain a presence in the Asia Pacific region while expanding its regulated business operations in Europe.
This workforce reduction mirrors trends seen at other cryptocurrency firms, such as Coinbase Global Inc., Crypto.com, and Gemini Space Station Inc. These industry-wide cuts are driven by bear market conditions, the rise of AI advancements, and increasing cost pressures.
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