Singapore – Digital assets brokerage firm FalconX has cut 10% of staff globally, as it prepares for a prolonged downturn in cryptocurrency markets, according to people familiar with the matter.

Roughly half the staff in its Singapore office – including senior managers and employees in sales and accounting – were let go, according to the people, who asked not to be named while discussing private information.

The firm is adjusting its strategy in the city-state to focus on crypto derivatives trading, which doesn’t require a permit, and so plans to withdraw its licence application with the Monetary Authority of Singapore, the people said. 

FalconX – which employed around 350 people globally – has seven offices around the world…