WazirX exited Singapore and moved to Panama after the court ruling.

PANews reported on June 4 that, according to Cointelegraph, WazirX, a cryptocurrency exchange that mainly serves the Indian market, announced that it would move its main body of operations from Singapore to Panama, and the parent company Zettai will be renamed Zensui Corporation. The move stems from Singapore’s failure to approve a restructuring plan by a court and a request from the country’s central bank for crypto service providers to stop providing digital token services to overseas markets by June 30. According to the documents, WazirX has registered its new entity Zensui in Panama on March 10, and the business transfer agreement is ready, and the service migration is expected to be completed within 2-3 business days after execution. The platform has made it clear that it will not apply for a Singapore operating license and has no plans to register with India’s Financial Intelligence Unit. In response to the $235 million hacking incident in February 2023, WazirX will issue recovery tokens to compensate the victims. The plan was approved by over 90% of creditors, promising to repay users 75%-80% of the stolen funds balance in installments through platform profits and recovered assets.