FalconX Cuts 10% of Staff in Crypto Slump, Singapore Hit Hard

FalconX Trims Workforce as Crypto Market Pressure Mounts

Crypto prime broker FalconX has cut approximately 10% of its global headcount, according to sources cited by The Straits Times. The layoffs hit multiple offices, but Singapore bore a disproportionate share of the reductions, with around half of the company's local staff let go in the process.

The move reflects ongoing pressure across the digital asset industry, where trading volumes and institutional activity have pulled back from the highs seen during the last bull cycle. FalconX, which serves institutional clients including hedge funds, market makers, and asset managers, has not been immune to the broader slowdown.

Singapore Office Among the Hardest Hit

Singapore had become a meaningful hub for FalconX's operations in Asia, but the restructuring has significantly reduced its presence there. Sources told The Straits Times that roughly half of the Singapore team was included in the cuts, making it one of the more heavily affected locations relative to its size.

The city-state has attracted a number of crypto firms in recent years, drawn by its regulatory clarity and position as a financial gateway to Southeast Asia. Even so, several digital asset companies have scaled back their Singapore footprints as market conditions have tightened globally.

Broader Industry Context

FalconX is not alone in pulling back. Across the crypto sector, firms that expanded aggressively during the 2021 and early 2022 boom have spent the past couple of years adjusting headcount to match leaner revenue environments. Institutional trading desks, in particular, have seen activity compress as volatility dried up and risk appetite among large investors cooled.

FalconX had previously raised significant venture funding and positioned itself as a top-tier prime brokerage for digital assets. The current round of cuts suggests even well-capitalized players are rationalizing costs rather than waiting for a market recovery to close budget gaps.

The company has not issued a public statement confirming the figures cited by sources, and the full scope of which departments or roles were affected beyond the Singapore office has not been disclosed. The Straits Times, which first reported the story, attributed the details to people familiar with the matter.