If it doesn't meet the required trading volume then obviously it will get delisted. But if the trading volume is maintained I think the exchange will keep it unless the SEC declares that FTX is a fraudulent company. If that happens, exchanges will be forced to delist FTX.
I believe FTT token will not face with all two bad things: delist because of low trading volume and SEC declaration that it is a fraud company.
With the scandal and hacking that happened on FTX, there is a huge possibility that people will stop supporting the FTT token. They might even dump them on the market crashing the price. But with manipulators and whales that owned huge bag of FTT, I think they will keep the market alive and even pump it so that they can exit with profit. Once SEC declare the company is involved in a fraud, the exchange of token will be ceased.
But it will take a lot of time for FTX to come back, maybe with some external help and investment after the bankruptcy procedure completes. For people who have interest to catch FTT token, I would like to suggest that if it is me, I would prefer to wait for 2 more months when things are cooled down and become clearer, less panic on the market and bottom is in, I will consider to buy FTT token.
At the moment, stay neutral, stay cautious are the best.
I would say, stay away from FTT because the governing body that is managing the project behind the token is already dissolved.