FalconX Cuts Staff Amid Crypto Downturn, Shifts Focus to Derivatives

FalconX, a digital asset prime broker, has cut its global workforce by approximately 10% amid an extended cryptocurrency market downturn. The company employed around 350 people before the layoffs, suggesting that about 35 positions may have been affected.

The job cuts implemented across FalconX's global operations come as falling cryptocurrency prices weigh on trading volumes and industry revenue. Bitcoin was trading near $63,500 on Tuesday after reaching an intraday low around $62,200, leaving it nearly 50% below its October 2025 peak above $126,000.

FalconX plans to withdraw its Singapore license application and prioritize crypto derivatives. The company will maintain its Asian presence while directing more resources toward European expansion. This shift in strategy narrows the original plan for FalconX's operations in Singapore, where it entered in 2023 with a focus on institutional customers across the Asia-Pacific region.

Other cryptocurrency companies have also reduced staff during the downturn, including Luno and Coinbase. The growing number of cuts suggests that companies are preparing for weak market conditions to continue, even as many redirect spending toward automation, derivatives, and institutional services.