Umair
Crypto prime broker FalconX has seen the departure of several senior staff recently, according to three people with knowledge of the matter.
Among those resigning was Tommy Doyle, FalconX’s European head, according to the sources.
The global chief compliance officer, general counsel, and head of credit at FalconX have also resigned, the sources said, who spoke on condition of anonymity as the matter is private. Two traders also exited the business, the people added.
Two of the people said the total number of departures was a combination of resignations and firings, and numbered between 10 and 15 people.
“Our headcount approximately doubled last year and we continue to grow. We do not comment on personnel matters,” a FalconX spokesperson said in an emailed comments.
Doyle declined to comment.
Prime brokers are essential to financial markets. They provide trading, financing and custody services to large institutions.
Before this wave of exits, Brian Strugats, head of trading at FalconX, had recently left the business, as reported by CoinDesk. He had worked for the firm for more than three years and was based in New York.
FalconX describes itself as the largest, most reliable digital assets prime brokerage for the world’s leading institutions. The company employed 243 people as of February 2023 according to PitchBook data.
The crypto firm was founded in 2018 and was valued at $8 billion at the time of a mid-2022 funding round.
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