The Seychelles Financial Services Authority issued a public statement notifying that the virtual asset service provider (VASP) application submitted by Falcon Labs Ltd, trading as FalconX, has been rejected, effective 9 May 2025. The firm was formally instructed to cease all operations immediately or migrate its services out of the jurisdiction. The statement was issued under section 28 of the Financial Services Authority Act, 2013, and relates to an application for approval under the Virtual Asset Service Providers Act, 2024.
Seychelles Financial Services Authority 2025-11-12
Seychelles Financial Services Authority rejects Falcon Labs’ FalconX virtual asset service provider application and orders it to cease operations or move services offshore
The Seychelles Financial Services Authority announced the rejection of Falcon Labs Ltd's virtual asset service provider application, effective 9 May 2025. Falcon Labs, trading as FalconX, must cease operations or relocate services outside Seychelles. This decision was made under section 28 of the Financial Services Authority Act, 2013, concerning the Virtual Asset Service Providers Act, 2024.