FalconX crypto layoffs cut 10% of staff as Bitcoin sinks 50% from peak
FalconX, one of the largest digital asset prime brokers in the industry, has cut roughly 10% of its global workforce as the crypto market slump drags on longer than many expected. Bloomberg first reported the FalconX crypto layoffs on Monday, citing people familiar with the matter, though the company had not publicly confirmed the news at the time of writing. The cuts land at a delicate moment for a firm that spent much of last year expanding, and they raise a bigger question: how long can trading firms keep absorbing a market this quiet before something has to give?
Key takeaways
- FalconX has laid off about 10% of its global workforce, according to Bloomberg.
- Before the cuts, the firm employed roughly 350 people across the US, UK, Singapore and Hong Kong.
- FalconX plans to withdraw its license application with the Monetary Authority of Singapore and pivot toward crypto derivatives trading.
- The company intends to expand its footprint in Europe while keeping a presence in Asia.
- Bitcoin has fallen about 50% from its October peak near $126,000 to below $64,000, pressuring trading volumes industry-wide.
FalconX Cuts 10% of Workforce Amid Crypto Market Slump
The layoffs at FalconX mark another sign that the current downturn is testing even the industry’s better-capitalized players. FalconX built its reputation as a digital asset prime brokerage and grew into one of the sector’s bigger names after acquiring crypto ETF issuer 21shares last November. That acquisition signaled ambition and scale — which makes the workforce reduction feel more like a strategic correction than a company in crisis.
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