FalconX Slashes Workforce Amid Cryptocurrency Market Slump

FalconX, a cryptocurrency prime brokerage, has laid off approximately 10% of its global workforce in response to the ongoing crypto market downturn.

The workforce reduction affects operations across multiple international regions and comes after a prolonged period of volatility and shifting trading volumes within the industry.

As part of its restructuring efforts, FalconX is shifting its regional focus towards cryptocurrency derivatives trading while withdrawing its licence application in Singapore, which was previously submitted to the Monetary Authority of Singapore.