FalconX Cuts 10% of Staff Amid Crypto Downturn, Shifts Focus to Derivatives
FalconX has made significant cuts to its global workforce in response to the ongoing cryptocurrency market downturn. The company has reportedly reduced its staff by approximately 10%, affecting around 35 positions across its operations worldwide.
The layoffs follow a trend of similar workforce reductions at other crypto companies, including Luno and Pump.fun, which have also been forced to adapt to declining trading volumes and revenue in the industry.
FalconX plans to withdraw its license application with the Monetary Authority of Singapore (MAS) and instead focus on crypto derivatives trading. The company will maintain its Asian presence while directing more resources toward European expansion, where it sees better opportunities during the downturn.
The move is part of FalconX's efforts to control costs and redirect spending toward areas that are less dependent on spot-market trading. With Bitcoin currently trading near $63,500, roughly 50% below its October peak above $126,000, companies like FalconX are seeking more stable revenue sources through derivatives, institutional services, and tokenized financial products.