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FalconX, a big name in the crypto finance world, is now facing major FalconX leadership exits. This company helps other big businesses trade and manage their digital assets. But now, there have been a lot of staff changes at crypto prime broker FalconX recently, according to three people who know about the situation.
Among the people who have resigned, Tommy Doyle is also included. He has been FalconX’s European head since the year 2021. Doyle, who is based in London, is considered critical for helping FalconX grow its business in Europe.
One source, who didn’t want to share their name and spoke on condition of privacy, said that the global chief compliance officer, general counsel, and head of credit have also resigned from FalconX.
And the intriguing thing is that these resignations also happened at a time when the company is growing fast.
The people also said that two traders left the business. They have not disclosed the reasons for their departure.
Two of them reported that a total of 10 to 15 individuals departed, encompassing both resignations and firings.
FalconX’s Growth During Changes in the Workforce
A FalconX spokesperson said through email, “Our team size almost doubled compared to last year, and we are still growing. We do not comment on personal matters.”
As of now, Doyle refused to say anything. So his plans are still unknown.
Prime brokers are critical for financial markets because they give trading, financing, and custody services to big institutions. FalconX has set itself up to be the leader in this field.
A well-known and trusted crypto news website had reported that Brian Strugats, who was based in New York and was the head of trading at FalconX, had been with the company for more than three years. But just before this wave of exits started, he also left the company.
FalconX says that it is the world’s biggest and most trusted digital asset prime brokerage that works for the top companies in the world. In the last two months, a few individuals have departed, with one stating that certain roles remain unfilled.
Leadership Changes Raise Concerns Among Clients
Because the company pushed some key functions back, this has made clients worried about the company’s stability. The clients are keeping a close eye on things.
According to PitchBook data, this company had around 243 employees by February 2023, and this number has surely changed now after the recent staff left.
When it raised money in the middle of 2022, the crypto firm was worth $8 billion and had been around since 2018. Since then, it has continued to get a lot of attention from investors.
FalconX is growing, but losing so many senior team members at once is not a small thing. Clients and industry observers are closely monitoring the next developments. While the company is still strong on paper, these exits might slow things down if replacements are not found soon. Let’s see how FalconX manages this staff shake-up in the middle of its rapid growth.
