WazirX will exit Singapore and move to Panama, and its parent company will be renamed Zensui

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange WazirX, primarily aimed at Indian users, is relocating its operational headquarters from Singapore to Panama and renaming its parent company from Zettai to Zensui.

This decision comes after a Singapore court rejected the company's restructuring plan. According to an email sent by WazirX to its users, its parent company has registered a subsidiary, Zensui Corporation, in Panama and is preparing to transfer the platform's cryptocurrency-related services to this entity.

Previously, the Monetary Authority of Singapore set June 30 as the deadline for local cryptocurrency service providers to cease offering digital token services to overseas markets.

WazirX stated that it does not intend to apply for an operating license in Singapore and will not register with the Indian financial intelligence department, despite its services being aimed at Indian customers. Once the migration is complete, Zensui will be responsible for issuing WazirX recovery tokens, which is related to the exchange's compensation plan following a $235 million hack.