FalconX Slashes Staff by 10% Amid Crypto Market Downturn

FalconX, a digital asset prime brokerage, has reduced its workforce by about 10% as it navigates the prolonged downturn in crypto markets.

The company had roughly 350 employees across the US, UK, Singapore, and Hong Kong before the cuts.

As part of this restructuring effort, FalconX is withdrawing its license application with the Monetary Authority of Singapore and shifting its regional focus to derivatives trading.

This move follows a significant drop in Bitcoin's price, which has fallen about 50% from its October peak near $126,000.