Recent Departures at FalconX Raise Concerns
FalconX, a prominent crypto prime brokerage, has experienced a significant turnover in its senior staff recently, according to multiple sources familiar with the situation. Among the notable departures is Tommy Doyle, who served as the European head of the company. In addition to Doyle, the firm has seen its global chief compliance officer, general counsel, and head of credit also resign.
The sources, who requested anonymity due to the confidential nature of the matter, indicated that the total number of exits could range from 10 to 15 individuals, encompassing both resignations and terminations. This wave of departures has raised eyebrows in the industry, given FalconX’s rapid growth over the past year.
A spokesperson for FalconX stated, “Our headcount approximately doubled last year, and we continue to grow. We do not comment on personnel matters.” Despite the spokesperson’s comments, the situation has left many within the crypto community speculating about the internal dynamics of the firm.
In addition to Doyle’s departure, Brian Strugats, the head of trading, also recently left FalconX after more than three years with the company, as previously reported by CoinDesk. Strugats was based in New York and played a crucial role in the trading operations of the firm.
FalconX positions itself as a leading digital assets prime brokerage, catering to the needs of the world’s foremost financial institutions. As of February 2023, the company employed approximately 243 people, according to data from PitchBook. Founded in 2018, FalconX achieved a valuation of $8 billion during a funding round in mid-2022, underscoring its significant presence in the evolving crypto market.
