The cryptocurrency industry's prolonged downturn continues to restructure major digital asset firms, with institutional crypto broker FalconX reportedly
reducing its workforce by 10 per cent while also revamping its expansion plans in Asia. According to a Bloomberg report, the company has implemented layoffs across several international locations as it adjusts operations amid weaker trading activity and changing market conditions. The reported job cuts come alongside a strategic shift in Singapore, where FalconX is narrowing its focus to crypto derivatives while accelerating expansion efforts in Europe. Bloomberg reported, citing people familiar with the matter, that FalconX has carried out a workforce reduction across its global operations. Before the layoffs, the company had roughly 350 employees, indicating that approximately 35 roles may have been eliminated. FalconX's workforce is spread across the United States, the United Kingdom, Singapore and Hong Kong. However, the company has not revealed which business units, offices or job functions were impacted by the restructuring. The firm has also not disclosed the financial impact of the layoffs, including expected cost savings, severance expenses or when the restructuring process is expected to conclude. FalconX serves institutional participants in the digital asset market as a prime broker, providing services such as trading, financing and risk management. Its client base primarily consists of hedge funds, asset managers and professional trading firms rather than retail cryptocurrency investors. In addition to reducing headcount, FalconX is reportedly revising its business strategy in Singapore. The company plans to concentrate on crypto derivatives trading while withdrawing its licence application with the Monetary Authority of Singapore. The decision does not signal a complete withdrawal from Asia. Instead, FalconX is expected to maintain operations in the region while placing greater emphasis on growing its European business. The company entered Singapore in 2023, launching an over-the-counter derivatives platform designed for institutional investors across the Asia-Pacific region. At the time, FalconX had indicated that it intended to obtain regulatory approvals to expand its prime brokerage offerings. The revised strategy marks a shift toward business segments the company believes are better positioned during the ongoing market slowdown. FalconX has not provided details on how the revised approach could affect employees or existing customers in Singapore. Falling Bitcoin Prices Continue To Pressure Crypto Firms The reported restructuring comes as cryptocurrency companies continue to face pressure from declining digital asset prices and weaker trading volumes. Bitcoin was trading near $63,500 on Tuesday after falling to an intraday low of around $62,200, leaving it nearly 50 per cent below its October 2025 peak of more than $126,000. Lower investor activity has reduced revenue opportunities for many crypto businesses, prompting firms to streamline operations and shift focus toward areas that generate steadier income. As a result, derivatives trading, institutional services and tokenised financial products have become increasingly important revenue streams across the industry. FalconX also expanded its institutional business in November 2025 through the acquisition of 21 shares, combining its prime brokerage platform with the crypto exchange-traded product provider's global operations. Today, 21shares manages more than $12 billion across over 50 crypto exchange-traded products, including funds listed in the United States. FalconX has not indicated whether the reported workforce reduction will have any impact on these investment products or their investors. Layoffs Continue Across The Crypto Industry FalconX joins a growing list of cryptocurrency companies that have announced or reportedly implemented workforce reductions during the current market slowdown. As previously reported by crypto.news on July 31, Luno reduced around 20 per cent of its global workforce while shifting greater attention toward institutional clients and its business-to-business operations. Chief Executive James Lanigan said automation and operational improvements had reduced staffing requirements. Meanwhile, Pump.fun also reportedly cut jobs shortly before employees' PUMP token allocations were scheduled to vest. Reports suggested that at least one former employee lost an allocation that later rose to a seven-figure value. Former workers also alleged that Baton Corp., the company behind Pump.fun, conducted another round of layoffs in July. Other major crypto companies, including Coinbase, Crypto.com, Gemini and BitGo, have also reduced their workforce as firms continue to prepare for prolonged market weakness.
