The cryptocurrency exchange WazirX, which serves the Indian market but is headquartered in Singapore, is transferring its operations to Panama after a local court refused to approve its restructuring plan.
WazirX shared recently edited legal documents outlining this move in an email sent to users. One document indicates that WazirX's parent company, Zettai, will relocate to Panama and undergo a rebranding.
The document states: "Zettai has taken steps to register a subsidiary, Zensui Corporation, in the Republic of Panama and has been preparing to transfer the platform and cryptocurrency-related services to Zensui."
This move comes after the Monetary Authority of Singapore set June 30 as the deadline for local cryptocurrency service providers to cease offering digital token (DT) services to overseas markets.
WazirX stated in a post on X on June 4 that the Singapore court rejected its restructuring plan.
Jalaj Jain, founder of JALAJ719 Consultants and a former lawyer turned consultant, told Cointelegraph that WazirX's operations in India may also face internal legal consequences. He added, "However, it is still too early to draw definitive conclusions in the absence of clear guidance from Indian regulators or directly affected stakeholders."
According to company information, Zensui was registered in Panama on March 10, and the agreement to transfer Zettai's operations to the company has been finalized and is ready for execution.
Once executed, the transfer of the platform's cryptocurrency services is expected to be completed within two to three business days.
Zensui will also be responsible for issuing WazirX recovery tokens, which are related to the company's compensation plan for victims of a hacking incident.
The company also stated that while it serves Indian customers, it does not intend to apply for a license to continue operating in Singapore, nor does it plan to register with the Indian Financial Intelligence Unit.
WazirX's recovery tokens are essentially on-chain promissory notes that the exchange plans to issue for each creditor. The court documents were submitted after the Singapore court approved WazirX's plan to repay its $235 million hacking victims, which is believed to be linked to state-sponsored hackers from North Korea.
The recovery tokens represent remaining claims not covered by the initial allocation and track users' outstanding balances. Holders are expected to receive additional distributions funded by WazirX's profits and recovered assets on a regular basis.
Over 90% of the voting creditors of the Indian cryptocurrency exchange WazirX supported the platform's restructuring plan following the hacking incident in April. WazirX has committed that these tokens may realize 75% to 80% of the value of user account balances at the time of the hack.
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Original article: “WazirX exits Singapore, moves to Panama and renames parent company to Zensui after court ruling”
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