[Bitcoin Now] Layoffs Sweep Struggling Virtual Asset Industry... FalconX Cuts 10% of Workforce

Restructuring Intensifies Amid Prolonged Slump in the Crypto Market

Reuters Yonhap News

Virtual asset brokerage firm FalconX has laid off 10% of its global workforce in preparation for a prolonged market downturn. As major virtual assets such as Bitcoin continue to underperform, restructuring is spreading throughout the industry.

On August 3 (local time), Bloomberg News, citing sources, reported that about half of the staff at the Singapore office—including senior managers and personnel in sales and accounting—have left the company.

FalconX has decided to focus in Singapore on cryptocurrency derivatives trading, which does not require separate licensing. Accordingly, the company also plans to withdraw its license application submitted to the Monetary Authority of Singapore. In connection with this, FalconX stated that it will maintain its business in the Asia-Pacific region, expand its regulated business in Europe, and concentrate resources on its core areas.

FalconX, which has approximately 350 employees, operates offices in seven locations globally, including Silicon Valley, New York, London, Singapore, and Hong Kong. Recently, the company has actively pursued mergers and acquisitions. In early 2025, FalconX acquired derivatives startup Arbelos Markets. Prior to that, in October last year, the firm acquired 21Shares, a virtual asset exchange-traded product issuer. Last month, it took over Bloxroute, a blockchain trading and network technology company.

The virtual asset industry has been initiating consecutive layoffs in response to the prolonged bear market, rising costs, and advances in artificial intelligence (AI) technology. Crypto.com, Coinbase Global, and Gemini Space Station have also recently reduced their workforce.

Bitcoin, after a sharp drop in October last year, has struggled to sustain a clear recovery trend. The price of Bitcoin climbed above $126,000 last year, but currently remains around $63,000—down by nearly half.

This content was produced with the assistance of AI translation services.