FalconX Cuts 10% of Global Workforce, Withdraws Singapore License Application

Digital asset brokerage FalconX has reduced its global workforce by about 10%, including roughly half of its employees in Singapore, as the company restructures its operations, Bloomberg reported. Senior managers as well as staff in sales and accounting were among those affected.

As part of the overhaul, FalconX plans to refocus its Singapore business on crypto derivatives trading, an activity that does not require a local license. The company will also withdraw its application with the Monetary Authority of Singapore (MAS), according to the report.

FalconX said it is reallocating resources to priority business areas while maintaining its presence across the Asia-Pacific region and continuing to expand its regulated operations in Europe.

Source: Bloomberg