Singapore-based WazirX is shifting its base to Panama after local courts ruled against its restructuring plan. The crypto exchange announced the court’s decision via a post on X on 4 June 2025.
In an email shared with its user base, WazirX detailed recently redacted documents revealing Zettai, WazirX’s parent company, will move to Panama and rebrand itself in the region.
The document read, “Zettai has taken steps to incorporate a subsidiary, Zensui Corporation, in the Republic of Panama, and has been preparing for the transfer of the operations of the Platform’s cryptocurrency-related services to Zensui.”
This news comes in the wake of Singapore’s central bank mandating local crypto service providers stop offering digital token services to overseas markets. The deadline for this mandate is 30 June 2025.
The court’s decision has caused payment rollouts to hit a major snag and will most likely cause a delay in reimbursement to those affected by the hack. In an email to their creditors, WazirX said, “The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan.”
The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan. While this outcome was not what we anticipated, we respect the Court’s decision and remain fully committed to complying with all legal and regulatory processes.
Our primary… pic.twitter.com/jrXFFwnMBA
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 4, 2025
Interestingly, the courts had initially approved WazirX’s plan in January, as the company sought protection from liquidation following a $230 million hack by the North Korean Lazarus Group. WazirX’s plan had outlined a process where creditors could vote on whether to accept the terms, with payments guaranteed within 10 business days from activation.
Now, with the timeline for creditor repayment again thrown into uncertainty, if the restructuring fails, WaxirX could face liquidation under Section 301 of the Singapore Companies Act, resulting in the sale of the company’s remaining assets.
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Zensui Will Issue WazirX Recovery Tokens
Zettai incorporated Zensui, its subsidiary, in Panama on 10 March 2025 and will have it take over operations going forward. They have already finalised the agreement to transfer Zettai’s operations to the new subsidiary, and once they execute it, Zensui will receive its cryptocurrency services within two to three business days.
Additionally, Zensui will oversee the issuance of WazirX’s recovery tokens as part of the company’s compensation strategy for those affected by the hack. Also, the company has stated that it does not seek a licence to continue its operations in Singapore or register with India’s Financial Intelligence Unit.
The recovery tokens issued by Zensui will most likely function as an on-chain IOU (I owe you). It is designed to be minted for each creditor of the exchange and represents the outstanding claims not covered by the initial distribution.
Additionally, it also serves as a means to track users’ remaining balances. The token holders will receive a periodic distribution, funded by WazirX’s profits and recovered assets.
Moreover, creditors largely favoured WazirX’s post-hack restricting plan, with more than 90% of the voting creditors supporting the scheme. WazirX has previously stated that the tokens could potentially restore 75% to 80% of users’ account balances at the time of the hack.
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Key Takeaways
- WazirX’s parent company Zettai is shifting base from Singapore to Panama
- Local courts declining WazirX’s restructuring plan will likely cause payment rollout delays
- Zensui will issue recovery tokens as a part of the company’s compensation strategy for those affected by the hack
The post WazirX Relocates to Panama Following Court Rejection of Restructuring Plan: Explore Best Crypto to Buy! appeared first on 99Bitcoins.
