FalconX cut 10% of staff as crypto downturn persists. The firm also plans to withdraw its Singapore license, refocusing on derivatives trading in Asia and expanding in Europe.
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FalconX, a digital asset prime brokerage, cut about 10% of its global workforce. The company is bracing for a longer downturn in crypto markets and reshaping its regional strategy.
Bloomberg reported the layoffs Monday, citing people familiar with the matter. FalconX had not confirmed the report publicly.
The firm employed roughly 350 people before the cuts, spread across the United States, the United Kingdom, Singapore and Hong Kong. FalconX acquired crypto ETF issuer 21shares last November.
FalconX plans to withdraw its license application with the Monetary Authority of Singapore. The company will refocus its Asia business around crypto derivatives trading. It intends to keep a presence in Asia while expanding in Europe.
Cointelegraph reached out to a FalconX spokesperson. No response had been received.
The cuts place FalconX alongside a string of crypto firms trimming staff this year. Coinbase, Crypto.com, Luno and Gemini have all reduced headcount. Crypto infrastructure firm BitGo cut 15% of its staff. The Ethereum Foundation separately cut 20% as part of a restructuring.
Bitcoin traded below $64,000, down about 50% from its October peak near $126,000. Lower prices have weighed on trading volumes and retail activity. Some analysts believe Bitcoin has not yet bottomed, suggesting pressure on trading firms could continue.
Many exchanges are responding by expanding beyond spot trading. A recent CoinGecko report found the sector known as crypto TradFi – which includes tokenized assets, derivatives and other products tied to traditional finance – grew fivefold between January 2025 and June 2026, reaching $6.6 billion.
Coinbase's latest earnings reflect that shift. The company missed expectations but reported that 88% of its second quarter net revenue came from businesses other than spot Bitcoin trading. Derivatives and tokenized assets played a growing role in that revenue.
Tokenized stocks and commodities have become leading drivers of that growth. For FalconX, the refocus on derivatives in Asia and expansion in Europe tracks the same broader industry pivot toward new revenue streams beyond spot trading.
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