WazirX, a cryptocurrency exchange primarily serving Indian users, is relocating its operations from Singapore to Panama and rebranding its parent company from Zettai to Zensui. This strategic shift follows a Singapore court’s decision to decline approval of the company’s restructuring plan, which was aimed at compensating users affected by a significant cyberattack.
In communications with its users, WazirX detailed that Zensui Corporation was incorporated in Panama on March 10, with plans to assume control of the platform’s cryptocurrency-related services within a few business days. The transition includes the issuance of recovery tokens, designed to represent outstanding claims from the hack and to facilitate periodic distributions funded by company profits and recovered assets.
The move aligns with Singapore’s regulatory directive requiring local crypto service providers to cease offering digital token services to overseas markets by June 30. Despite its significant user base in India, WazirX has indicated it does not plan to seek licensing from Singaporean authorities or registration with India’s Financial Intelligence Unit.
This relocation marks a new chapter for WazirX as it continues efforts to recover from the cyberattack and restore trust among its user community.
