Crypto Prime Broker FalconX Opens FX Desk Led by Ex-BCB Executives

FalconX, a cryptocurrency prime brokerage firm, is launching a dedicated foreign exchange desk based in London, offering access to 20 forex pairs, including major currencies like the US dollar, euro, and British pound.

Announced today (Tuesday), the FX desk is aimed at crypto trading firms, exchanges, and brokers, allowing them to access fiat currency pairs. The company highlighted that the new service mirrors the traditional FX market experience.

Run by Former BCB Executives

The company has hired a dedicated team of five people to run the newly formed FX desk. The team will be led by Ben Sebley, the former Chief Growth Officer at BCB Group, who is joined by Richard Usher as Head of FX Trading and Lux Thiagarajah as Head of Commercial FX. Two other former executives at BCB Group are also part of the team.

All three named executives are seasoned veterans with significant experience in the traditional financial services industry. At BCB Group, Usher was the Head of OTC Trading, while Thiagarajah was the Chief Revenue Officer.

Filling the Gap between FX and Crypto

“For our clients, this will offer fiat access along with high-quality service that has historically been difficult to navigate,” the company stated in the official announcement, adding that the FX desk will offer “deep liquidity in multiple currencies for a wide range of clients, expanding our current product offering.”

With offices in the US, the UK, Malta, India, Singapore, and Hong Kong, FalconX is a prime brokerage in the cryptocurrency space. The company was founded in 2018 and is headquartered in Chicago.

“For retail aggregators and brokers operating in the crypto market or looking to launch crypto solutions, the new desk offers a low-cost solution for smaller-sized tickets, across multiple currency pairs, in high volume,” the company elaborated on the advantages of its FX desk. “Moreover, it will alleviate headaches in the CFO's office by facilitating operational balance movement, profit repatriation, investment, and managing overexposure.”

Meanwhile, a Seychelles-registered subsidiary of FalconX recently settled with the Commodity Futures Trading Commission, paying $1.8 million for operating in the US without registration. It was the first such action by the US regulator against a platform that “inappropriately facilitated access to digital asset exchanges.”