Key facts
- FalconX has laid off approximately 10% of its global workforce.
- The layoffs are attributed to an anticipated prolonged downturn in the cryptocurrency market.
- FalconX is reportedly refocusing its Singapore strategy.
- FalconX is reportedly withdrawing its local license application in Singapore.
- The cryptocurrency market is experiencing a prolonged slump.
Digital asset prime broker FalconX has implemented layoffs, cutting approximately 10% of its global workforce. This decision is driven by the company's expectation of a sustained downturn in the cryptocurrency market. In addition to workforce reductions, FalconX is reportedly recalibrating its strategy in Singapore. This includes withdrawing its local license application for operations in the city-state. The broader cryptocurrency market has been experiencing a prolonged slump, affecting various companies operating within the digital asset space. These market conditions have led FalconX to adjust its operational plans and staffing levels to navigate the challenging environment.