Digital assets brokerage FalconX has cut about 10% of its global workforce as the cryptocurrency industry faces a prolonged downturn, mounting cost pressures and growing use of artificial intelligence, according to people familiar with the matter.
Around half of FalconX’s Singapore workforce has been laid off, including senior managers and employees in sales and accounting, the people said, asking not to be named because they were discussing private information.
The company employs around 350 people globally and operates seven offices, including in Silicon Valley, New York, London, Singapore and Hong Kong.
FalconX is also changing its strategy in Singapore to focus on cryptocurrency derivatives trading, according to the sources. As part of the shift, the company plans to withdraw its application for a licence from the Monetary Authority of Singapore (MAS), they said.
FalconX said in a statement that it is concentrating resources on priority areas while maintaining a presence in Asia-Pacific and expanding its regulated business in Europe.
The workforce reduction comes after a period of expansion for the company. FalconX has made several acquisitions over the past 18 months, including derivatives start-up Arbelos Markets in early 2025, crypto exchange-traded products issuer 21Shares in October 2025 and blockchain trading and networking technology company bloXroute in July.
The cuts make FalconX the latest cryptocurrency company to reduce its workforce as the sector contends with weaker market conditions. Other companies, including Crypto.com, Coinbase Global and Gemini Space Station, have also announced workforce reductions.
The latest restructuring highlights the pressure on crypto companies to control costs and focus investment on business areas seen as having stronger prospects, while technological advances in AI are also reshaping roles and operating models across the financial sector.