05.06.2025 09:55
WazirX, a cryptocurrency exchange primarily serving Indian users but operating under a Singaporean structure, has announced a significant operational shift to Panama. This strategic relocation follows the Singapore High Court's rejection of the company's restructuring proposal, forcing a reassessment of its operational base.
The decision to move to Panama comes as a direct consequence of the unfavorable ruling. The court's refusal to endorse WazirX's restructuring plan left the company with limited options, prompting the relocation to mitigate regulatory hurdles and continue its operations. This significant change in location underscores the impact of regulatory pressure on cryptocurrency businesses operating in increasingly stringent jurisdictions.
Facilitation of this transition is being overseen by Zettai, WazirX's parent company. They've established a new subsidiary, Zensui Corporation, incorporated in Panama on March 10, 2025, to manage all operational aspects of WazirX. Legal documents, parts of which have been redacted, indicate that the transfer of operational control from Zettai to Zensui is finalized and imminently executable. The migration of cryptocurrency services is anticipated to be fully completed within a short timeframe, estimated at two to three business days after activation.
Zensui's responsibilities extend beyond basic operational management. The new entity will also assume responsibility for the distribution of recovery tokens pertaining to WazirX's post-hack compensation plan, a crucial element for maintaining user trust and fulfilling the exchange's obligations to its customers. This critical task highlights the importance of continuity and commitment to resolving the issues arising from the previous security breach.
Following the Singapore High Court's June 4th decision, WazirX publicly confirmed the rejection of its restructuring plan via official channels. Although the outcome was unexpected, the company expressed its respect for the court's decision and commitment to exploring all available legal avenues, including appealing the ruling. The exchange reassured its users that this relocation would not compromise its existing commitments or impact user services.
