FalconX cuts 10% of staff amid crypto downturn

FalconX has reportedly cut about 10% of its global workforce as the digital asset prime broker prepares for an extended cryptocurrency market downturn. Summary FalconX reduced its global workforce by roughly 10%, affecting an estimated 35 positions. The company plans to withdraw its Singapore license application and prioritize crypto derivatives. FalconX will maintain its Asian presence while directing more resources toward European expansion. The layoffs follow recent workforce cuts at Luno, Pump.fun and other crypto companies. FalconX layoffs affect about 10% of staff FalconX implemented the workforce reduction across its global operations, Bloomberg reported Monday, citing people familiar with the matter. The company employed approximately 350 people before the layoffs, suggesting that around 35 positions may have been affected. Its workforce was spread across the United States, the United Kingdom, Singapore and Hong Kong. FalconX has not publicly disclosed which teams, offices or roles were included in the cuts. The company has not disclosed the expected cost savings, severance expenses or a timeline for completing the restructuring. FalconX operates as a prime broker for insti...