India-facing but Singapore-registered crypto exchange WazirX has announced a strategic relocation to Panama, after a Singaporean court declined to approve its restructuring plan. The move follows mounting regulatory pressure and shifting compliance requirements in both Singapore and India.
WazirX Parent Company, Zettai, Rebrands and Transfers Crypto Operations
WazirX, owned by parent company Zettai, disclosed in a June 4 email to users that it has initiated the process of moving its crypto-related services to a newly formed Panamanian entity named Zensui Corporation. According to the redacted legal documents shared with users, the transfer agreement has already been finalized and will be executed shortly.
“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,” one of the documents stated.
Singapore Tightens Rules on Overseas Crypto Services
The operational shift comes in response to a deadline set by the Monetary Authority of Singapore (MAS), which requires local digital token service providers to cease offering services to foreign markets by June 30. WazirX confirmed via an X (formerly Twitter) post that its restructuring plan was not approved by a Singapore court, effectively forcing the relocation.
Legal Ambiguity in India Raises Questions
While WazirX primarily serves Indian customers, it has opted not to register with India’s Financial Intelligence Unit (FIU) or apply for a Singapore license post-relocation. Legal experts warn this may raise issues domestically. Jalaj Jain, founder of JALAJ719 Consultants, told Cointelegraph that “it would be premature to draw definitive conclusions in the absence of clear guidance from Indian regulators or directly affected stakeholders.”
Zensui to Manage Recovery Tokens Post-Hack
Zensui, incorporated in Panama on March 10, will assume control of WazirX’s platform operations within two to three business days of executing the transfer. It will also handle the issuance of WazirX recovery tokens — a critical component of the company’s compensation mechanism following past security incidents.
WazirX’s decision to shift to Panama marks a pivotal moment in the ongoing reshuffling of global crypto operations in response to tightening regulatory frameworks.
