The digital asset prime brokerage FalconX has cut 10% of its global workforce and is overhauling its Singapore strategy, including reportedly withdrawing its license application with the Monetary Authority of Singapore. The firm, which acquired 21shares in November, aims to focus on expanding its European operations while retaining an Asian footprint.
FalconX employed around 350 people globally before the layoffs, with the restructuring reflecting broader challenges in the crypto sector. The move follows a sharp decline in Bitcoin’s price, which fell below $64,000 in early 2025—halving from its October peak of $126,000. Analysts suggest the market has yet to reach a bottom, compounding pressure on firms reliant on volatile asset prices.
The crypto industry’s struggles are evident beyond FalconX. Coinbase, Crypto.com, Luno, Gemini, and BitGo have all scaled back operations, with Coinbase’s second-quarter revenue heavily dependent on non-spot trading businesses. Meanwhile, the traditional finance (TradFi) segment of the crypto sector grew fivefold to $6.6 billion between January 2025 and June 2026, according to CoinGecko.
FalconX’s strategic shift in Singapore remains unconfirmed, though the firm has not commented on the changes. Its focus on Europe aligns with broader industry trends, as firms seek to diversify geographically amid regulatory and market uncertainties.
Written by Rebecca Shaw
Industry Desk
