FalconX Cuts Staff Amid Crypto Slump

FalconX, a digital assets brokerage firm, has cut 10% of its global staff amid the ongoing crypto slump. This move affects employees in various roles, including sales and accounting staff at its Singapore office.

About half of the staff in Singapore were let go as part of this restructuring effort, according to sources familiar with the matter. The affected staff members include senior managers.

FalconX is adjusting its strategy in Singapore by focusing on crypto derivatives trading, which does not require a permit from the Monetary Authority of Singapore (MAS). As a result, the firm plans to withdraw its licence application with MAS.