WazirX, a cryptocurrency exchange serving Indian users but based in Singapore, is moving its operations to Panama after a Singapore court refused to approve the company’s restructuring plan. The decision was confirmed in a recent email sent to WazirX users, which included redacted legal documents outlining the transition.
According to the documents, WazirX’s parent company, Zettai, has established a new Panamanian subsidiary named Zensui Corporation. The move will transfer all of the platform’s cryptocurrency-related services to Zensui, with the transition expected to be completed within two to three business days.
“Zettai has taken steps to incorporate a subsidiary, Zensui Corporation […] in the Republic of Panama,” the legal filing states. The shift comes amid increased regulatory pressure in Singapore, where the central bank has set a June 30 deadline for local crypto service providers to stop offering services to overseas users.
In a June 4 announcement on X, WazirX confirmed that the Singapore court had declined its restructuring proposal. The company is not seeking regulatory approval to operate in Singapore or register with Indian authorities, despite its largely Indian user base.
Legal consultant Jalaj Jain said the move could raise concerns for WazirX’s India-linked operations. “It’s too early to determine how Indian regulators might respond without clear guidance,” he noted.
Zensui will also be responsible for managing WazirX’s post-hack compensation efforts through the issuance of recovery tokens. These tokens represent outstanding claims following the exchange’s $235 million security breach, which has been linked to North Korean state-sponsored hackers.
The tokens act as digital IOUs and allow users to receive future payouts funded by company profits and asset recoveries. WazirX has promised that the recovery tokens could eventually return 75% to 80% of affected users’ account balances.
More than 90% of voting creditors approved the restructuring plan in April. With operations shifting to Panama, WazirX aims to reset its trajectory, though questions remain about regulatory oversight and its commitment to the Indian market.
