FalconX, a crypto prime brokerage, has recently experienced the exit of multiple senior personnel, as reported by three insiders familiar with the situation.
Among the notable departures is Tommy Doyle, who served as the head of the firm’s European operations, according to these sources.
Additionally, the roles of global chief compliance officer, general counsel, and head of credit at FalconX have seen resignations, the insiders disclosed, opting to remain anonymous due to the sensitive nature of the issue. Two traders have also left the company, they noted.
Two of the insiders indicated that the total departures comprised both resignations and terminations, estimating the figure to be between 10 and 15 individuals.
“Our workforce effectively doubled last year, and we continue to expand. We do not discuss personnel issues,” stated a FalconX spokesperson in an emailed response.
Doyle did not provide any comments.
Prime brokers play a critical role in financial markets by offering trading, financing, and custody services to major institutions.
In a prior wave of exits, Brian Strugats, the head of trading at FalconX, had also departed, having been with the company for over three years and based in New York, as noted by other sources.
FalconX claims to be the leading and most trusted digital assets prime brokerage catering to the top-tier institutions worldwide. As of February 2023, the firm had a workforce of 243 employees, based on data from PitchBook.
Founded in 2018, FalconX achieved a valuation of $8 billion during a funding round in mid-2022.
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