FalconX has reportedly cut roughly 10% of its global workforce, according to Bloomberg, which cited people familiar with the matter. The company employed around 350 people globally before the
FalconX has reportedly cut roughly 10% of its global workforce, according to Bloomberg, which cited people familiar with the matter. The company employed around 350 people globally before the cuts and operates offices in several locations, including the US, UK, Singapore and Hong Kong. Roughly half of FalconX’s Singapore team was reportedly affected, including senior managers and employees in sales and accounting.
The reported cuts mark a sharp turn for a company that, four years ago, was raising money at one of the highest valuations in crypto. FalconX closed an $8 billion Series D round in June 2022, led by GIC and B Capital, at the height of what was already a shaky market. It didn’t slow expansion from there: in 2025, the company moved to acquire Arbelos Markets and 21Shares, the crypto ETF issuer that manages more than $12 billion across over 50 exchange traded products.
YearDevelopment2022$8 billion valuation, Series D round led by GIC and B Capital2025Acquired Arbelos Markets and 21Shares, a crypto ETF issuer managing $12B+ across 50+ products2026Reportedly cut roughly 10% of global workforceThat acquisition spree, arriving just months before a reported workforce reduction, is the clearest sign of how fast the calculus has shifted.
The Singapore office bore a disproportionate share of the cuts. FalconX is withdrawing its license application with the Monetary Authority of Singapore, narrowing its regional ambitions toward crypto derivatives trading rather than the broader prime brokerage license it had originally pursued, while maintaining a presence in Asia and shifting more resources toward Europe.
Part of a wider pullback across crypto firms: The reported cuts follow a string of similar moves elsewhere in the industry, which we have verified: Luno, the Ethereum Foundation, Coinbase, Crypto.com, Gemini, and BitGo have all reportedly reduced headcount in recent months.
If the reporting holds, FalconX is trading a broader Asia buildout for a narrower bet on derivatives and Europe, the opposite of the expansion it signaled with last year’s acquisitions. Whether that recalibration is enough to weather a prolonged downturn depends on questions the company itself still hasn’t answered.
