FalconX has reportedly cut about 10% of its global workforce as falling crypto prices weigh on trading volumes. The prime broker is also withdrawing its Singapore license application to focus on derivatives while expanding in Europe, following similar cuts at Luno and Pump.fun.
FalconX has reportedly cut about 10% of its global workforce, an estimated 35 positions, as the digital-asset prime broker braces for an extended downturn in crypto markets.
Cuts span four countries
Bloomberg reported the reduction Monday, citing people familiar with the matter. FalconX employed about 350 people before the layoffs, suggesting roughly 35 roles were affected across its operations in the United States, the United Kingdom, Singapore and Hong Kong.
The company hasn't disclosed which teams or roles were cut, nor the expected cost savings, severance expenses or a timeline for the restructuring. FalconX works as a prime broker for institutional digital-asset investors, offering trading, financing and risk-management services to hedge funds, asset managers and other professional trading firms.
Singapore license dropped for a derivatives focus
FalconX plans to withdraw its license application with the Monetary Authority of Singapore. It will concentrate on crypto derivatives trading there instead. Still, the shift doesn't mark a full exit from Asia — the firm reportedly plans to keep a regional presence while expanding its European business.
The firm entered Singapore in 2023 with an over-the-counter derivatives desk for institutional investors across Asia-Pacific, and said then it intended to pursue licenses for broader prime-brokerage services. That plan is now narrower, though FalconX hasn't detailed how it affects existing Singapore staff or clients.
In November 2025, the firm completed its acquisition of 21shares, a crypto exchange-traded product issuer. 21shares manages more than $12 billion across over 50 products, and FalconX hasn't indicated the layoffs will touch them.
Bitcoin's slide adds to industry pressure
Bitcoin was trading near $63,500 on Tuesday after an intraday low around $62,200. That leaves it nearly 50% below its October 2025 peak above $126,000.
The decline has cut into retail trading and pushed crypto firms toward derivatives, institutional services and tokenized products for steadier revenue. As reported on July 31, Luno cut about 20% of its global workforce, which CEO James Lanigan attributed to automation and operational changes.
Pump.fun also reportedly dismissed staff shortly before PUMP token allocations were set to vest, with at least one former worker said to have lost an allocation later worth seven figures. Coinbase, Crypto.com, Gemini and BitGo have also reduced staff during the downturn.
FalconX's next steps center on carrying out its narrower Singapore strategy while building out its European business, with further detail hinging on whether the company confirms the layoffs.
Source: crypto.news
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