Cryptocurrency platform WazirX, known as one of the largest players in the Indian market, has announced its rebranding to Zensui and the relocation of its operations from Singapore to Panama, according to Crypto India. The company explains this decision as a response to changes in Singapore’s regulatory framework, which have tightened conditions for cryptocurrency businesses.
Exit From Singapore Due to Regulatory Pressure
Singapore is increasing its oversight of crypto exchanges, introducing new requirements for licensing and internal processes. Previously, the local regulator banned unregulated crypto companies from serving foreign clients. As a result, WazirX's management decided to move the business to a jurisdiction with a more lenient legal regime. The choice fell on Panama, where the rules for digital assets are less stringent.
The new structure will operate under the Zensui brand and aims to gain more freedom to develop products and offer services without the risk of operational halts due to regulatory changes.
Why Panama
Panama is known as a crypto-friendly jurisdiction with a simplified approach to digital asset regulation. Unlike Singapore, local authorities do not impose strict requirements on the operation of cryptocurrency services. This makes the country attractive to projects seeking to reduce regulatory burdens.
According to sources, the change in jurisdiction and name is also intended to increase the platform’s flexibility in a changing legal environment.
Financial Issues After the Hack
Amid rebranding and relocation, investigations continue into a hacking incident involving WazirX. In 2022, the exchange lost $230 million in client funds. The managing company, Zettai Pte Ltd, registered in Singapore, filed for temporary creditor protection (moratorium) and is working on a court-approved compensation plan.
Under Singaporean law, the company is required to present a restitution plan for affected users, which will be executed under court supervision.
Zensui intends to continue offering crypto services in its new jurisdiction. How the return of funds to WazirX clients will proceed and how the brand change will affect current users has not yet been disclosed.
According to CoinMarketCap, WazirX’s native token (WRX) reacted to the news with a 4,67% drop, falling to $0.0324.
In December 2024, the token was delisted from Binance. Since then, it has lost nearly 60% of its value and has yet to recover.
