FalconX cuts 10% of staff as crypto downturn drags on

FalconX has reportedly cut about 10% of its global workforce as the digital asset prime broker prepares for a potentially extended cryptocurrency market downturn. Bloomberg reported the reduction across the company’s global operations, which employed about 350 people before the layoffs, implying that roughly 35 roles may have been affected across the United States, the United Kingdom, Singapore and Hong Kong. FalconX has not publicly identified which teams or offices were included, nor has it disclosed expected savings, severance costs or a restructuring timeline. The company is also narrowing its Singapore strategy to focus on crypto derivatives trading and plans to withdraw its license application with the Monetary Authority of Singapore, while maintaining a regional presence and expanding in Europe. FalconX entered Singapore in 2023 with an over-the-counter derivatives business for institutional clients in Asia-Pacific, but is now concentrating resources on business lines it sees as better positioned during weaker market conditions. The move comes as lower crypto prices weigh on trading volumes and revenues across the industry, pushing firms toward derivatives, institutional services and tokenized financial products. FalconX completed its acquisition of 21shares in November 2025, adding the exchange-traded product issuer’s business, which manages more than $12 billion across more than 50 crypto exchange-traded products. The layoffs add FalconX to a wider round of job cuts across the sector, including at Luno, Pump.fun, Coinbase, Crypto.com, Gemini and BitGo.