Odaily Planet Daily News WazirX, a cryptocurrency exchange serving India but headquartered in Singapore, announced that it would move its operational headquarters to Panama and rename its parent company Zettai to Zensui. This move was made after the Singapore High Court refused to approve its restructuring plan.
It is reported that Zensui was incorporated in Panama on March 10 and is expected to take over WazirX's cryptocurrency-related services within a few days. In addition, Zensui will be responsible for issuing "recovery tokens" related to compensation for the approximately US$235 million hacking incident in July 2024, which is designed to provide affected users with 75% to 80% of their account balances. WazirX said it does not intend to apply for relevant licenses in Singapore or India, and the move is seen as a response to Singapore's increasingly stringent crypto regulatory policies. (Cointelegraph)