The crypto brokerage slashes staff and shifts focus to derivatives trading in Singapore amid regulatory adjustments.
Digital asset brokerage FalconX has laid off approximately 10% of its global workforce, impacting around half of its Singapore-based employees. The cuts affect senior managers and staff in sales and accounting as the firm reallocates resources to priority areas.
FalconX will withdraw its application for a license from the Monetary Authority of Singapore, opting to concentrate on crypto derivatives trading, which does not require regulatory approval. The company will maintain its Asia-Pacific presence while expanding its regulated operations in Europe.
The move reflects a strategic pivot amid evolving market conditions and regulatory landscapes in key regions.