FalconX Slashes Workforce by 10%, Shifts Focus to Derivatives Trading

FalconX, a digital assets brokerage, has laid off around 10% of its global workforce. The company employs approximately 350 people globally and operates offices in various locations.

The layoffs affected employees across multiple functions, including senior managers, sales teams, and accounting staff. Around half of the company's Singapore workforce was impacted by the reductions.

FalconX plans to concentrate its local operations on cryptocurrency derivatives trading and intends to withdraw its application for a license from the Monetary Authority of Singapore (MAS).