FalconX reduces workforce by 10% as crypto market slump continues

FalconX, a digital‑asset prime brokerage, announced it is cutting roughly 10% of its global workforce, eliminating between 20 and 50 roles. The layoff affects about 350 employees spread across the United States, the United Kingdom, Singapore and Hong Kong.

The reduction comes amid a prolonged downturn in cryptocurrency markets, with Bitcoin trading around 50% below its recent peak. It follows recent strategic moves by the firm, including the acquisition of blockchain‑infrastructure company bloXroute, the purchase of crypto‑ETF issuer 21shares, and obtaining MiCA authorization to operate across the European Union. In Singapore, FalconX plans to shift focus to crypto derivatives and will withdraw its licence application with the Monetary Authority of Singapore while expanding its European business.

FalconX joins a growing list of crypto firms scaling back operations as market volumes and retail participation decline.