FalconX Cuts 10% of Staff Amid Cryptocurrency Downturn

FalconX, a digital asset prime broker, has cut around 10% of its workforce amid a downturn in the cryptocurrency market. According to Bloomberg, the layoffs affected approximately 35 staff members across FalconX's global operations, which include offices in the US, UK, Singapore, and Hong Kong.

The company has not disclosed which teams or roles were included in the cuts, nor has it released information on expected cost savings or severance expenses. FalconX employs around 350 people, suggesting that the layoffs represent a significant restructuring effort.

FalconX operates as a prime broker for institutional digital asset investors, offering trading, financing, and risk management services. The company is shifting its strategy in Singapore, where it plans to concentrate on crypto derivatives trading and withdraw its license application with the Monetary Authority of Singapore.

This move comes as falling cryptocurrency prices weigh on trading volumes and industry revenue. Bitcoin has declined by nearly 50% from its October peak above $126,000, reducing retail activity and pushing crypto companies to control costs or expand into businesses less dependent on spot-market trading.