Brian Strugats, head of trading at cryptocurrency prime broker FalconX, has left the business, according to an internal memo seen by CoinDesk.

Strugats left the firm last week, the memo said.

He had been employed by the crypto firm for more than three years, and was based in New York, according to his LinkedIn profile.

Both Strugats and FalconX declined to comment.

Prime brokers are an essential part of financial markets, both crypto and TradFi. They are responsible for providing trading, financing and custody services to large institutions.

Prior to FalconX, Strugats previously worked at investment firm XN and Glenhill Capital. He started his career as a fund accountant at GlobeOp.

FalconX was established in 2018 and was valued at $8 billion at the time of a mid-2022 funding round. It describes itself as the largest digital assets prime brokerage for institutions.