Departures at FalconX

Crypto prime broker FalconX has experienced significant turnover among its senior staff, as per sources familiar with the situation.

Key Departures

Among those resigning is Tommy Doyle, the European head of FalconX. Additionally, the global chief compliance officer, general counsel, and head of credit have also exited the company. Two traders have left the business as well.

According to some sources, the total number of departures ranged from 10 to 15 individuals, attributed to both resignations and firings.

A FalconX spokesperson stated, “Our headcount approximately doubled last year and we continue to grow. We do not comment on personnel matters.” Doyle opted not to comment on his departure.

Importance of Prime Brokers

Prime brokers are crucial to financial markets, providing trading, financing, and custody services to major institutions.

Previous Exit

Prior to this recent wave of departures, Brian Strugats, who headed trading at FalconX and had been with the firm for over three years, also left as reported by CoinDesk.

Company Overview

Founded in 2018, FalconX is described as the largest and most reliable digital assets prime brokerage for top institutions. As of February 2023, the company had a workforce of 243 employees, according to PitchBook. It was valued at $8 billion during a funding round in mid-2022.