FalconX cuts 10% of global workforce, including half its Singapore staff, amid crypto market downturn.
Macro & Markets ·
Digital assets brokerage FalconX has eliminated 10 percent of its global workforce as the firm braces for an extended cryptocurrency market contraction. The cuts hit the Singapore office particularly hard, with roughly half of its staff departing, including senior management and personnel across sales and accounting functions. According to sources, the company intends to shift its Singapore operations toward crypto derivatives trading—a segment that does not require regulatory licensing—and plans to withdraw its pending licence application with the Monetary Authority of Singapore.
FalconX operates from seven offices globally, including locations in Silicon Valley, New York, London, Hong Kong, and Singapore, and employed approximately 350 people before the layoffs. The firm stated it is reallocating resources to priority areas while preserving its Asia-Pacific presence and expanding its regulated European business. The brokerage has pursued an acquisition strategy over the past 18 months, including purchases of derivatives platform Arbelos Markets in early 2025, crypto products issuer 21shares in October, and blockchain technology firm bloXroute in July.
The layoffs reflect broader industry retrenchment, with other crypto companies including Crypto.com, Coinbase Global, and Gemini Space Station also trimming headcount amid prolonged bear market conditions, rising operational costs, and competitive pressures from artificial intelligence development. Bitcoin's recovery remains constrained following an October decline, currently trading at levels representing half of its previous record high above US$126,000.