Crypto prime brokerage FalconX is cutting 10% of its workforce and withdrawing its application for a Singapore license, the company confirmed Monday. The moves come as the prolonged crypto market slump continues to pressure firms that expanded rapidly during the bull run.
The layoffs
FalconX is letting go of about 10% of its employees, citing the extended downturn in digital asset prices. The cuts affect multiple departments, though the company didn't specify which teams are hit hardest. The layoffs are the latest in a wave of reductions across the crypto sector this year.
Singapore retreat
The firm is also withdrawing its application for a Major Payment Institution license from the Monetary Authority of Singapore. FalconX had been pursuing the license as part of a broader push into Asia, but the company now says it's refocusing its Singapore strategy. The withdrawal means FalconX won't be able to offer regulated payment services in the city-state under that license.
Broader market pressure
FalconX's cuts follow similar moves by other crypto firms this year. The market slump, which began in late 2025 and has dragged through most of 2026, has squeezed revenue across trading, lending, and prime brokerage. FalconX had been one of the more active institutional players, but the downturn has forced a reassessment of its geographic footprint.
The company hasn't announced any further layoffs or market exits. But the Singapore license withdrawal signals a retreat from one of Asia's most competitive crypto hubs. FalconX will continue to serve clients from its other offices, including the US and Europe. The layoffs are expected to be completed in the coming weeks.
