WazirX Abandons India After Court Blow: Massive Shift in Crypto Strategy
WazirX, a cryptocurrency exchange established in Singapore that serves India, is relocating to Panama after local courts rejected the company’s restructuring proposal. WazirX revealed freshly redacted court docs detailing the move in an email sent to its members. According to one of the documents, Zettai, the parent company of WazirX, plans to relocate to Panama and change its name.
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,
the document
WazirX Faces Legal Hurdles After Singapore Rejects Restructuring Plan
This comes after Singapore’s central bank gave local cryptocurrency service providers until June 30 to cease providing digital token (DT) services to international markets. WazirX said in a June 4 X post that a Singaporean court had rejected its restructuring proposal. There might also be legal ramifications within WazirX’s India-based business, according to Jalaj Jain, the founder of JALAJ719 Consultants and a lawyer who switched to consultancy.
However, it would be premature to draw definitive conclusions in the absence of clear guidance from Indian regulators or directly affected stakeholders,
Jain
WazirX Starts Fresh with Zensui in Panama: Recovery Tokens Incoming
WazirX wants to start again with Zensui. According to the corporation, the agreement for the transfer of Zettai’s operations to Zensui, which was formed in Panama on March 10, is already complete and prepared for implementation. The cryptocurrency services offered by the platform should be transmitted within two to three business days after they are completed.
WazirX recovery tokens, which are linked to the business’s post-hack compensation plan, will also be issued by Zensui. Despite serving Indian clients, the company stated that it has no plans to register with India’s Financial Intelligence Unit or apply for a license to continue operating in Singapore.
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