FalconX Cuts 10% Staff Amid Crypto Slump
FalconX, a digital assets brokerage firm, has laid off around 10% of its global staff as it prepares for a prolonged downturn in cryptocurrency markets.
The company, which employed around 350 people globally, made the cuts to focus on priority areas and adjust its strategy in Singapore. It plans to withdraw its licence application with the Monetary Authority of Singapore (MAS) and concentrate resources on crypto derivatives trading, which does not require a permit.
FalconX has seven offices worldwide, including in Silicon Valley, New York, London, and Hong Kong. The company made a string of acquisitions in the last 18 months, including derivatives start-up Arbelos Markets, crypto exchange-traded products issuer 21shares, and bloXroute, a blockchain trading and networking technology company.
The decision to lay off staff comes as the industry faces a prolonged bear market, mounting cost pressures, and advancements in artificial intelligence. Bitcoin has struggled to mount a sustained recovery since its sharp sell-off in October 2025, trading at half of its record-high levels of over US$126,000.
FalconX facilitated around US$2.5 trillion in trading volume since being founded by chief executive Raghu Yarlagadda in 2018. The digital asset brokerage raised US$150 million in a Series D funding from investors led by GIC and B Capital at an US$8 billion valuation in 2022.