FalconX Cuts Staff Amid Cryptocurrency Slump

FalconX, a digital assets brokerage firm, has cut 10% of its staff globally as it prepares for a prolonged downturn in cryptocurrency markets. The move includes roughly half of its Singapore office staff, including senior managers and employees in sales and accounting, according to people familiar with the matter.

The company is adjusting its strategy in Singapore to focus on crypto derivatives trading, which does not require a permit, and has decided to withdraw its licence application with the Monetary Authority of Singapore. FalconX employed around 350 people globally across seven offices worldwide.

This move comes as the cryptocurrency industry faces a prolonged bear market, mounting cost pressures, and advancements in artificial intelligence. Other companies such as Crypto.com, Coinbase Global, and Gemini Space Station have also trimmed their workforces recently.