Digital asset brokerage FalconX has laid off around 10% of its global employees as it restructures operations amid a prolonged crypto bear market, Bloomberg reported Monday, citing people familiar with the matter.

According to the report, about half of the company’s Singapore workforce was affected. The firm also plans to withdraw its license application from the Monetary Authority of Singapore and instead focus on crypto derivatives trading.

FalconX is reportedly reallocating resources toward strategic priorities while continuing to invest in its regulated European operations and maintaining its Asia-Pacific presence. The company has expanded through acquisitions over the past 18 months, including Arbelos Markets, 21Shares and bloXroute.

FalconX joins a growing list of crypto companies cutting jobs as firms across the industry face persistent market weakness and cost pressures.

Companies such as Coinbase, Gemini, Kraken, Crypto.com, BitMEX, BitMart, Exodus, Polygon Labs, OP Labs, the Ethereum Foundation, and the Algorand Foundation have all announced layoffs or restructuring efforts in recent months.