FalconX cuts 10% of workforce amid crypto downturn; half of Singapore staff laid off: sources
Firm is adjusting its strategy in the Singapore to focus on crypto derivatives trading
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DIGITAL assets brokerage firm FalconX has cut 10 per cent of staff globally, as it prepares for a prolonged downturn in cryptocurrency markets, according to people familiar with the matter.
Roughly half the staff in its Singapore office – including senior managers and employees in sales and accounting – were let go, according to the people, who asked not to be named while discussing private information.
The firm is adjusting its strategy in the Singapore to focus on crypto derivatives trading, which does not require a permit, and so plans to withdraw its licence application with the Monetary Authority of Singapore, the people said.
FalconX – which employed around 350 people globally – has seven offices around the world including in Silicon Valley, New York, London, Singapore and Hong Kong, according to its website.
The company is concentrating resources on priority areas, while maintaining a presence in the Asia Pacific region and expanding its European regulated business, FalconX said in a written statement.
The firm has made a string of acquisitions in the last 18 months including derivatives startup Arbelos Markets in early 2025, crypto exchange-traded products issuer 21shares in October 2025 and bloXroute, a blockchain trading and networking technology company in July.
FalconX is the latest cryptocurrency company to trim its workforce, following Crypto.com, Coinbase Global and Gemini Space Station, as the industry faces a prolonged bear market, mounting cost pressures and advancements in artificial intelligence.
Bitcoin has struggled to mount a sustained recovery since a sharp sell-off in October 2025. The largest cryptocurrency trades at half of its record-high levels of over US$126,000.
FalconX has facilitated about US$2.5 trillion in trading volume since being founded by chief executive officer Raghu Yarlagadda in 2018.
The digital asset brokerage raised US$150 million in a Series D funding from investors led by GIC and B Capital at an US$8 billion valuation in 2022. Other investors in the company include Accel, American Express Ventures, Thoma Bravo and Tiger Global Management. BLOOMBERG
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