FalconX cuts 10% of global workforce, including half its Singapore staff, amid crypto market downturn.
Macro & Markets ·
Digital assets brokerage FalconX has reduced its global workforce by 10 percent, with approximately half of its Singapore office affected by the cuts as the firm prepares for a prolonged cryptocurrency market downturn. The layoffs include senior managers and staff in sales and accounting, according to sources familiar with the matter. FalconX plans to withdraw its Singapore licence application with the Monetary Authority of Singapore and shift focus to crypto derivatives trading, which does not require a permit. The reductions align with broader workforce contractions across the cryptocurrency industry.