FalconX laid off roughly 35 employees, withdrew its Singapore MAS license application, and will focus on crypto derivatives and European expansion.
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FalconX has cut about 10% of its global workforce, roughly 35 positions, as the digital asset prime broker reorients toward derivatives and European markets. Bloomberg reported the layoffs Monday, citing people familiar with the matter.
The company employed approximately 350 people before the reductions. Its workforce spanned the United States, the United Kingdom, Singapore and Hong Kong. FalconX has not disclosed which teams or roles were affected, nor has it detailed expected cost savings or severance expenses.
Alongside the cuts, FalconX withdrew its license application with the Monetary Authority of Singapore. The company plans to concentrate on crypto derivatives trading in Singapore rather than pursue a broader prime-brokerage license. FalconX entered Singapore in 2023 and launched an over-the-counter derivatives business targeting institutional clients across Asia-Pacific. The new approach narrows that plan as FalconX directs resources toward business lines it considers better positioned during the downturn. The company has not said how the change will affect existing Singapore employees or customers.
The withdrawal does not mark a complete exit from Asia. FalconX plans to retain a presence in the region while expanding its European operations, according to the report.
FalconX operates as a prime broker for institutional digital asset investors, offering trading and risk management services. Its core clients include hedge funds, asset managers and other professional trading firms. In November 2025, FalconX completed its acquisition of 21shares, combining its prime-brokerage infrastructure with the crypto exchange-traded product issuer’s global business. 21shares manages more than $12 billion across over 50 crypto exchange-traded products, including US-listed funds. FalconX has not indicated that the layoffs will affect those products or their investors.
The cuts come as cryptocurrency prices have fallen, weighing on trading volumes and industry revenue. Bitcoin was trading near $63,500 on Tuesday after reaching an intraday low around $62,200, leaving it nearly 50% below its October 2025 peak above $126,000. The decline has reduced retail activity and pushed crypto companies to control costs or expand into businesses less dependent on spot-market trading. Derivatives, institutional services and tokenized financial products have become increasingly important as firms seek more stable revenue sources.
FalconX’s reduction is the latest in a series of layoffs across the cryptocurrency industry during the market slowdown. Luno cut about 20% of its global workforce in July while redirecting resources toward institutional customers, Chief Executive James Lanigan said at the time. Pump.fun also dismissed employees shortly before their token allocations were scheduled to vest, according to former workers. Coinbase, Crypto.com, Gemini and BitGo have also reduced staff during the broader downturn.
FalconX plans to implement its narrower Singapore strategy while developing its European business, according to the report. The company has not formally confirmed the layoffs.
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