The Legal and Compliance Team at FTX allegedly resigned

Shortly after Binance announced that it was terminating the acquisition agreement, the legal team reportedly left.

Following news that the majority of the company’s legal and compliance personnel have left the exchange, problems for the troubled cryptocurrency exchange FTX have reportedly gotten worse.

Recently, FTX, which is in danger of failing, agreed to be acquired by Binance. However, after seeing FTX’s balance sheet, Binance withdrew from the rescue agreement.

Semafor claims that on Wednesday (November 9, 2022) anonymous sources informed the publication of the departure, which allegedly took place on Tuesday night.

Semafor noted that FTX CEO Sam Bankman-Fried is a shareholder in the news organization, despite the fact that FTX has not yet released an official statement regarding the departure of its legal and compliance staff.

The native token of the exchange, FTT, has fallen to below $3.50, according to CoinMarketCap, as FTX continues to struggle to stay afloat.

Despite prior rumors suggesting that Binance would accept Bankman-FTX, Fried’s events changed course.