Digital asset brokerage FalconX has laid off 10% of its global workforce as it prepares for an extended downturn in the cryptocurrency market.

The company is also reshaping its operations in Singapore, where it plans to focus on crypto derivatives trading and withdraw its license application with the Monetary Authority of Singapore (MAS), according to reports.

Despite the workforce reduction, FalconX said it will continue expanding its regulated business in Europe while maintaining its presence across the Asia-Pacific region. The move follows a series of acquisitions over the past 18 months, including Arbelos Markets, 21Shares, and bloXroute.

The layoffs come as several major crypto firms continue cutting costs amid a prolonged bear market, increasing operational pressure, and the rapid adoption of AI across the industry.