The majority of FTX's legal and compliance team quit Tuesday, Semafor reported, citing people familiar with the matter.

That could create a headache as the cryptocurrency exchange deals with a liquidity crisis and potential regulatory scrutiny.

Will Bitcoin Hit $1 Million?

00:59

Bitcoin Is a 'Beachball' Being Pushed Underwater Now: Samson Mow

00:56

U.S. Already Got the 'Lion's Share' of the Spot Bitcoin ETFs: Samson Mow

00:58

What Are the Benefits of Nation States Adopting Bitcoin?

01:56

Will Bitcoin Skyrocket If Trump Returns to Office?; WazirX Hacker Moves Stolen Funds to Tornado Cash

The Semafor story notes that FTX's Sam Bankman-Fried is an investor in the news organization.

A representative for FTX declined to comment.

Cheyenne Ligon contributed reporting.

UPDATE (19:43 UTC): Adds note that FTX declined to comment on the reports.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Most of FTX's Legal and Compliance Team Quit: Report

Semafor, a news organization in which FTX's Sam Bankman-Fried invested, cites people familiar with the matter.

Will Bitcoin Hit $1 Million?