FalconX Cuts Jobs as Crypto Market Downturn Deepens
FalconX, a digital asset prime broker serving institutional investors, has cut about 10% of its global workforce. The company reportedly reduced roughly 35 positions from its previous headcount of around 350 employees across the U.S., United Kingdom, Singapore, and Hong Kong.
The staff reduction comes as the broader crypto market experiences a downturn, with Bitcoin trading near $63,674 on August 3, almost 50% below its October 2025 record above $126,000. Lower volumes have pressured businesses that rely heavily on transaction fees, prompting companies like Crypto.com and Gemini to reduce staffing in 2026.
FalconX's restructuring is part of a broader shift in the crypto market, with trading firms expanding beyond spot markets into derivatives, tokenized assets, and recurring revenue products. The company has prioritized its Singapore operations, planning to focus on crypto derivatives trading within the Asian financial hub, although it had not publicly confirmed this strategy by Monday evening.