FalconX Cuts Staff, Shifts Strategy Amid Crypto Bear Market

FalconX, a digital asset brokerage, has laid off around 10% of its global employees as it restructures operations amid a prolonged crypto bear market. The company is reportedly reallocating resources toward strategic priorities while continuing to invest in its regulated European operations and maintaining its Asia-Pacific presence.

According to Bloomberg, about half of the company's Singapore workforce was affected by the layoffs. FalconX also plans to withdraw its license application from the Monetary Authority of Singapore (MAS) and instead focus on crypto derivatives trading.

The firm has expanded through acquisitions over the past 18 months, including Arbelos Markets, 21Shares, and bloXroute. This move joins a growing list of crypto companies cutting jobs as firms across the industry face persistent market weakness and cost pressures.