FalconX to cut 10% of workforce amid prolonged crypto market downturn
Crypto prime broker FalconX will cut about 10% of its global workforce as it prepares for a prolonged slowdown in the digital asset market. The company is refocusing its business on higher-growth segments.
According to Bloomberg, FalconX is also revising its strategy in Singapore. The firm plans to focus on cryptocurrency derivatives trading and withdraw its license application with the Monetary Authority of Singapore (MAS).
Before the layoffs, FalconX employed around 350 people across the United States, the United Kingdom, Singapore, and Hong Kong. The company had not commented on the report at the time of publication.
Strategic shift
Despite withdrawing its Singapore license application, FalconX does not plan to exit the Asian market. According to Bloomberg, the company will maintain its regional presence while expanding its European business.
FalconX became one of the largest institutional crypto market participants after acquiring crypto ETF issuer 21Shares in November 2025.
According to industry observers, the workforce reduction reflects management's expectation that subdued activity across digital asset markets will persist for an extended period.
Crypto firms continue cutting costs
FalconX joins a growing list of cryptocurrency companies reducing expenses amid weaker trading activity. Similar measures have previously been announced by Coinbase, Crypto.com, Luno, Gemini, and infrastructure provider BitGo.
At the same time, many firms are seeking to reduce their dependence on spot trading. According to a recent CoinGecko report, the so-called crypto TradFi segment—including tokenized assets, derivatives, and other traditional financial products—expanded fivefold between January 2025 and June 2026, reaching $6.6 billion.
Earlier, investment platform Robinhood announced plans to cut 10% of its workforce, saying the layoffs were part of a broader effort to improve efficiency and simplify its organizational structure.
Meta also carried out a similar cost-cutting program. After announcing a roughly 10% workforce reduction and a major restructuring, investors became more cautious about the company's outlook, contributing to a period of share price consolidation.
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