“We always thought that Binance owned WazirX. Binance even sent all of us WazirX employees Apple watches last year during their anniversary around July,” said a former WazirX employee requesting anonymity.

The employee said WazirX didn’t allot employee stock options to its staff, while other Indian exchanges offered lucrative ESOPs to new recruits.

“We raised this issue many times about ESOPs, since it’s a volatile sector. But we were always told that it’s Binance-owned, so no question of ESOPs,” the employee said.

An investigation by India’s Directorate of Enforcement (ED) into predatory and fake Chinese loan apps inadvertently opened a can of worms in the already beleaguered crypto space.