Troubles for the beleaguered cryptocurrency exchange FTX continue to deepen, following reports that a majority of the firm’s legal and compliance staff have exited the exchange.
FTX, which is on the brink of collapse, recently struck an acquisition deal with Binance, but the latter backed out of the rescue deal after seeing the former’s balance sheet.
- According to Semafor, on Wednesday (November 9, 2022), anonymous sources revealed the news of the exit to the publication, which reportedly happened on Tuesday evening.
- While FTX is yet to make an official statement concerning the departure of its legal and compliance staff, Semafor mentioned that FTX CEO Sam Bankman-Fried is an investor in the news outlet.
- FTX continues to struggle to stay afloat, with the exchange’s native token FTT plunging to below $3.50, according to Coingecko. While there were previous reports about Binance agreeing to acquire Bankman-Fried’s FTX, things took a U-turn.
- As reported by CryptoPotato, Binance withdrew from the acquisition deal. According to an anonymous source, a view of FTX’s financials reportedly led Binance to rethink the buyout deal.