FalconX, a California-based cryptocurrency brokerage, cut 11% of its workforce as it integrates a recent acquisition and shifts resources towards areas where it believes it can take a leading position, CEO Raghu Yarlagadda said on X on 3 Aug.
Crypto Brokerage FalconX Cuts 11% of Staff After BIoXroute Deal
3 August 2026 - 21:29 UTC
By Ana Pereira
The reductions affected roles across several parts of the business, Yarlagadda said, without specifying locations or the number of employees involved. He linked the restructuring to FalconX's acquisition of blockchain infrastructure company bIoXroute. In FalconX's announcement of the deal in mid-July, the company said bIoXroute is expected to support new institutional trading and lending products across tokenized assets.
A person familiar with the company told Sandmark that employees joining FalconX through the bIoXroute deal would offset the layoffs in overall headcount terms. FalconX employed about 350 people globally and operates seven offices, according to the company's website.
Singapore strategy shifts
Around half of FalconX's Singapore staff were affected, including senior managers and employees in sales and accounting, Bloomberg reported, citing people familiar with the matter. The company also plans to withdraw its Monetary Authority of Singapore licence application and focus its local operations on crypto derivatives trading, the report said.
FalconX said it would maintain its Asia-Pacific presence and continue expanding its regulated European business. The company received permission in late June to operate across the European Union under the Markets in Crypto-Assets Regulation (MiCA).
Crypto prices retreat
The cuts follow recent layoffs at exchange operators Crypto.com, Coinbase and Gemini as crypto companies contend with falling digital asset prices. Bitcoin (BTC) was down more than 27% year to date, trading at $63,730 at 20:52UTC.
