CIFDAQ Faces Leadership Exodus Amid Growing Internal Turmoil

The Indian cryptocurrency platform CIFDAQ is facing fresh turbulence later than a wave of senior leadership resignations shook the company this week. On September 19, 2025, reports confirmed that multiple high-profile executives, including Sanjay Saxena, former Paytm leader for financial operations, and Jay Hao, the former CEO of OKX, stepped down from their roles overviewing Indian and international operations. The departures come at a critical juncture for CIFDAQ, which has been attempting to establish itself as a dominant player in India’s rapidly growing digital asset ecosystem.

High-profile exits raise alarm

CIFDAQ had positioned Saxena as the face of its Indian expansion. His background with Paytm, one of India’s leading fintech firms, was viewn as instrumental in securing credibility with investors, regulators, and customers. Hao, with his international track record from OKX, was brought in to accelerate global partnerships and bolster CIFDAQ’s cross-border growth strategy. Their simultaneous exits are being interpreted by market observers as a sign of internal discord and growing uncertainty within the organization.

Earlier this year, CIFDAQ attempted to showcase stability by announcing a series of senior appointments. Ankur Sharma was named Group Chief Financial Officer, while Smrita Singh took charge as Group Brand and Communications Officer. These changes were presented as part of a broader realignment meant to improve corporate governance and sharpen CIFDAQ’s strategic focus on India. However, the sudden leadership exodus suggests the company is still grappling with deep-rooted challenges that go beyond mere organizational reshuffles.

A history of controversy

CIFDAQ’s latest troubles are not without precedent. In 2024, the company came under fire later than employees accused management of forced resignations and delays in salary payments. While CIFDAQ denied allegations of coercion, it admitted to delays in disbursing salaries, attributing them to operational issues. The controversy dented the firm’s image, raising doubts about its long-term sustainability and ability to execute on its ambitious expansion plans.

The current wave of departures has reignited concerns about the crypto firm’s internal health. Analysts caution that the resignation of seasoned executives could disrupt key projects, sluggish down product rollouts, and ultimately undermine CIFDAQ’s competitive edge in an increasingly crowded marketplace. For investors and traders, the uncertainty raises pressing questions about whether the company can retain its standing amid India’s tightening regulatory scrutiny and a rapidly shifting crypto environment.

The resignations also come at a time when India’s crypto sector is under heightened regulatory and public attention. With global platforms eyeing India as a key growth market, local players like CIFDAQ must maintain strong leadership and governance to compete effectively. The absence of clear communication from CIFDAQ regarding the latest exits could further erode user confidence.

While CIFDAQ has yet to release an official statement addressing the leadership departures, industry insiders suggest that the company will need to move rapidly to restore confidence. Stabilizing its management team, addressing employee concerns, and communicating a clear growth strategy will be critical if CIFDAQ wants to retain investor trust and remain competitive.

For now, CIFDAQ faces a critical test of resilience. Whether it can overcome this leadership crisis will likely determine its ability to survive and thrive in India’s evolving digital asset landscape. As competitors look to seize market share, CIFDAQ’s next moves will be closely watched by stakeholders across the crypto ecosystem.