FalconX Cuts Staff Amid Crypto Market Downturn

FalconX, a digital asset broker, has laid off about 10% of its staff worldwide due to the prolonged crypto market downturn. The company had around 350 employees in various locations, including Silicon Valley, New York, London, Singapore, and Hong Kong.

The layoffs primarily affected the Singapore office, where roughly half of the staff were let go, including managers, sales, and accounting employees. This move is part of FalconX's revised strategy in Singapore, where it plans to focus on trading cryptocurrency derivatives that do not require a license from the Monetary Authority of Singapore (MAS).

The company intends to withdraw its application for a local license and will instead allocate resources to priority areas, such as expanding its regulated business in Europe. Despite the layoffs, FalconX continues to grow through acquisitions, having completed several major deals over the past 18 months.