Crypto firm FalconX cuts 10% of its workforce to weather the crypto market downturn, and has withdrawn its license application in Singapore.

According to Bloomberg, digital asset brokerage FalconX has laid off 10% of its global workforce amid a potentially prolonged crypto market downturn. People familiar with the matter said roughly half of staff at its Singapore office were cut, including senior executives, sales and accounting personnel. FalconX is adjusting its Singapore business strategy to focus on crypto derivatives trading that does not require relevant licenses, and plans to withdraw its license application submitted to the Monetary Authority of Singapore (MAS). The company stated it will reallocate resources to its core business lines while retaining its Asia-Pacific operations and expanding its regulated business in Europe. FalconX currently has around 350 employees globally, with 7 offices located in Silicon Valley, New York, London, Singapore, Hong Kong and other locations. Over the past 18 months, the firm has acquired derivatives startup Arbelos Markets, crypto exchange-traded product issuer 21Shares, and blockchain trading and network technology company bloXroute. FalconX is the latest crypto firm to implement layoffs, following Crypto.com, Coinbase and Gemini. The report noted the industry is facing a prolonged bear market, cost pressures and impacts from advances in AI technology. Since its founding in 2018, FalconX has facilitated approximately $2.5 trillion in trading volume, and closed a $150 million Series D funding round in 2022 at an $8 billion valuation.