WazirX to Relocate Operations to Panama After Singapore Court Rejects Restructuring Plan

• WazirX shifts crypto ops to Panama after Singapore court blocks restructuring.
• Zensui Corp to manage WazirX services, including post-hack token recovery.
• Regulatory pressure from MAS influences WazirX’s decision to exit Singapore.

WazirX, a cryptocurrency exchange that serves Indian users but operates under a Singapore-based structure, has initiated a transition of its crypto-related operations to Panama. The move comes in the wake of a ruling by the Singapore High Court, which declined to approve the company’s proposed restructuring plan. As part of the transition, Zettai, WazirX’s founding company, has finalized plans to shift its operational control to a new subsidiary, Zensui Corporation, based in Panama.

Zensui was incorporated on March 10, 2025. According to redacted legal documents recently shared with users, the transfer agreement between Zettai and Zensui is completed and ready for execution. Once activated, the migration of the platform’s cryptocurrency services is expected to be completed within two to three business days. Zensui will also take over key responsibilities, including the issuance of recovery tokens linked to WazirX’s post-hack compensation program.

Singapore Court Decision Triggers Strategic Realignment

On June 4, WazirX confirmed through its official channels that the Singapore High Court had refused to approve the company’s restructuring initiative. In response, the exchange said it will appeal the court’s decision. While the outcome was not anticipated, the company stated that all legal options are under review in coordination with its legal and advisory teams.

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The company assured users that the ruling would not impact its NLPA assets, which it says remain secure. WazirX also emphasized that its priority is to begin distributions as soon as possible, and it plans to issue more updates as developments unfold.

Regulatory Pressure Adds to Operational Shift

The timing of the move coincides with increased regulatory pressure from Singapore’s central bank. The Monetary Authority of Singapore (MAS) has instructed crypto service providers to stop offering digital token services to overseas clients by June 30, 2025. In light of this development, WazirX stated that it does not intend to apply for a license to operate within Singapore nor seek registration with India’s Financial Intelligence Unit, despite its ongoing service to Indian users.

By transferring operations to Panama, WazirX appears to be adjusting its business strategy to navigate legal and regulatory constraints more effectively. While the exchange remains active in the Indian market, the legal implications of this transition on domestic operations are still unclear. 

Jalaj Jain, founder of JALAJ719 Consultants and a legal advisor turned consultant, stated that without clear directives from Indian authorities or directly impacted stakeholders, it is premature to speculate on the consequences for WazirX’s presence in India.