The digital asset prime broker slashes jobs and adjusts its Singapore strategy amid broader cost-cutting in the crypto sector.
FalconX has laid off approximately 10% of its global workforce, affecting around 35 employees, as the company braces for a prolonged crypto market slump. The move follows a broader industry trend of cost reductions amid declining trading volumes and asset prices.
Before the layoffs, FalconX employed about 350 people across the U.S., U.K., Singapore, and Hong Kong. The company is also refocusing its Singapore operations on crypto derivatives trading and withdrawing its license application with the Monetary Authority of Singapore, while maintaining its presence in Asia.
The workforce reduction aligns with similar actions by other crypto firms, including Coinbase, Crypto.com, and Gemini, as Bitcoin and other digital assets face downward pressure. FalconX had expanded through acquisitions, including the purchase of crypto ETF issuer 21shares last November.