WazirX exits Singapore, moves to Panama and changes its name to Zensui

Odaily News Indian cryptocurrency exchange WazirX announced that it will move its operational headquarters from Singapore to Panama and rename its parent company Zettai to Zensui. The move came after the Singapore High Court refused to approve its restructuring plan. Zensui was incorporated in Panama on March 10 and is expected to take over WazirXs 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 intended 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 Singapores increasingly stringent crypto regulatory policies. (Cointelegraph)