WazirX Rebrands as Zensui and Moves Operations from Singapore to Panama

• WazirX has rebranded to Zensui and moved its main base of operations to Panama.
• The company’s shift follows ongoing recovery efforts after a $230 million platform hack.
• Zensui’s transition aims to support uninterrupted service and future business growth.

WazirX, a major Indian cryptocurrency exchange, has rebranded as Zensui and shifted its parent company from Singapore to Panama. The decision comes as Singapore tightens regulations on digital asset firms. This transition underscores how rapidly evolving compliance requirements are prompting global crypto exchanges to reassess their operational strategies.

This shift and rebranding are happening at a time when the platform is still facing user protection concerns and legal challenges. Industry experts commonly observe that many companies are responding to stricter regulations in Asia and elsewhere by shifting their focus.

WazirX Responds to Singapore’s Stricter Crypto Regulations

Singapore’s recent crackdown on crypto exchanges has made it harder for companies to operate locally. Regulatory authorities have intensified enforcement efforts, emphasizing the importance of licensing and compliance requirements for digital asset businesses. As a result, WazirX has reevaluated its operational foundation and has chosen to move to Panama.

By choosing Panama, Zensui joins a growing list of crypto companies seeking jurisdictions with more relaxed rules. While Panama is known for being crypto-friendly, Singapore is primarily concerned with providing protection to investors and maintaining solid supervision. Zensui has stated that relocating will improve services and support the company’s growth by mitigating the numerous challenges posed by shifting compliance regulations.

Legal Challenges and User Concerns Persist After $230 Million Hack

WazirX’s move comes as its parent company, Zettai Pte Ltd, remains involved in ongoing court cases in Singapore. After Zettai suffered losses of over $230 million from a high-profile hack, the company requested a court-sanctioned moratorium to set up user repayment plans. The Singapore High Court, during a court hearing on May 13, extended the moratorium by setting June 6 as the deadline for Zettai to deal with outstanding issues.

Related: India’s Top Court Dismisses WazirX Hack Petition on Regulatory Grounds

Moreover, WazirX users have voiced their dissatisfaction on social media concerning delays in fund withdrawals and the unclear communication from the company’s management. The absence of updates from founder Nischal Shetty has heightened concerns, sparking questions about the implications of the transition for account holders. Analysts believe the case highlights the ongoing uncertainty faced by crypto exchanges, which must strike a balance between advancing their operations and adhering to regulatory rules and user needs.