India-facing crypto exchange WazirX is relocating its operations to Panama, after a Singapore court rejected the company’s proposed restructuring plan, according to documents shared with users.
In an email to its customers, WazirX said its parent company Zettai has incorporated a new entity, Zensui Corporation, in Panama and is preparing to transfer all cryptocurrency-related operations to the new offshore structure.
“Zettai has taken steps to incorporate a subsidiary, Zensui Corporation […] in the Republic of Panama,” the company stated in legal documents attached to the email. The transfer of services to Zensui is expected to be completed within two to three business days of execution.
The move comes as Singapore’s central bank imposes a June 30 deadline for crypto service providers to cease offering digital token services to foreign markets, a policy that forced multiple firms to reconsider their local presence.
WazirX’s relocation also follows months of scrutiny in India, where the company faced tax-related investigations. The exchange suffered a $230 million hack in July 2024 after attackers breached its multi-signature wallet. Investigators linked the exploit to North Korea’s Lazarus Group, which was also behind the $1.4 billion Bybit attack. Much of the stolen crypto has since been funneled through mixers to hide its origin—a tactic often tied to Lazarus.
Under the new structure, Zensui will also be responsible for issuing WazirX’s recovery tokens, which serve as on-chain IOUs to help compensate users impacted by the 2022 hack. These tokens reflect remaining claims not covered by the initial payout and will be tied to WazirX’s future profits and asset recoveries.
The company does not intend to seek a license in Singapore nor register with India’s Financial Intelligence Unit, despite continuing to serve Indian customers through its new Panama-based platform.
WazirX’s restructuring plan previously secured strong support, with over 90% of voting creditors backing the proposal in April. The proposed scheme will distribute assets in the form of tokens, covering 85% of user balances as of July 18, 2024, at 1 PM IST—the date of the breach.
WazirX CEO Nischal Shetty described the result as a turning point as the team is prioritizing fund recovery and future profit sharing to compensate affected users. “The people have spoken,” Shetty said in an X post. “We will work hard on rebuilding and creating value for everyone.”
