FalconX cuts 10% of workforce and withdraws Singapore license application, pivoting to unregulated crypto derivatives trading.
Regulation & Gov ·
Digital asset brokerage FalconX has reduced its headcount by approximately 10% across its global operations, with layoffs concentrated in Singapore, where the company eliminated roughly half its local staff. The cuts included positions held by senior managers and personnel in sales and accounting functions. According to Bloomberg reporting, the company intends to withdraw its pending application with Singapore's Monetary Authority and redirect its regional focus toward crypto derivatives trading, an activity that operates outside regulatory licensing requirements.
The restructuring reflects a strategic reorientation toward unregulated derivative markets in Asia-Pacific while simultaneously prioritizing the company's regulated European business expansion. FalconX stated it would maintain an overall presence in the Asia-Pacific region despite the workforce reduction and geographic rebalancing.
The material does not specify the timing of the license withdrawal, the total number of employees affected, or detailed reasoning beyond resource concentration on priority areas. The precise scope of operations FalconX will retain in Singapore and the timeline for pivoting to derivatives-only trading remain unaddressed.