FalconX Cuts Jobs Amid Crypto Downturn, Shifts Focus to Derivatives Trading
FalconX has cut 10% of its workforce amid the prolonged downturn in cryptocurrency markets. This move comes as the company adjusts its strategy in Singapore to focus on crypto derivatives trading.
Roughly half of the staff in its Singapore office, including senior managers and employees in sales and accounting, were let go, according to sources. The firm has seven offices worldwide, with around 350 people employed globally.
FalconX is withdrawing its licence application with the Monetary Authority of Singapore as it shifts focus to crypto derivatives trading, which does not require a permit. This move is part of the company's strategy to concentrate resources on priority areas while maintaining a presence in the Asia Pacific region and expanding its European regulated business.