Singapore-based WazirX has announced its decision to migrate its operations to Panama after a local court ruled against its restructuring plan. This significant change was shared in a post on X on June 4, 2025.

In a communication to users, WazirX revealed details about formerly confidential documents stating that Zettai, WazirX’s parent company, will be establishing itself in Panama and plans to rebrand in the region. The company disclosed, “Zettai has taken steps to incorporate a subsidiary, Zensui Corporation, in the Republic of Panama, preparing to transfer operations of the platform’s cryptocurrency services to Zensui.”

This transition follows a directive from Singapore’s central bank, which requires local crypto service providers to cease offering digital token services to international markets by June 30, 2025.

The court ruling has complicated payment processes, likely delaying reimbursements to those affected by a recent hack. WazirX informed creditors, “The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan.”

“The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan. While this outcome was not what we anticipated, we respect the Court’s decision and remain fully committed to complying with all legal and regulatory processes.” Translation: This decision was unexpected, but we will follow the required processes.

Surprisingly, the courts had initially approved WazirX’s restructuring plan earlier in January, which aimed to protect the company from liquidation after suffering a $230 million hack attributed to the North Korean Lazarus Group. The plan included a provision allowing creditors to vote on terms, with payments scheduled within 10 business days of activation.

With uncertainties now surrounding creditor repayments, WazirX faces a risk of liquidation under Section 301 of the Singapore Companies Act if the restructuring fails, potentially leading to the sale of assets.

Zensui Will Issue WazirX Recovery Tokens

Zettai has established Zensui as its subsidiary in Panama since March 10, 2025, to oversee future operations. The agreement to shift Zettai’s operations to Zensui has been finalized, with cryptocurrency services expected to commence within two to three business days following execution.

Furthermore, Zensui will manage the issuance of WazirX’s recovery tokens as part of a compensation strategy for impacted users from the hack. These tokens are designed as on-chain IOUs for each creditor, representing amounts not covered in previous distributions.

Creditors have shown strong support for WazirX’s post-hack restructuring plan, with over 90% indicating their agreement. The tokens might enable the recovery of 75% to 80% of account balances affected at the time of the hack.

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Key Takeaways:

• WazirX’s parent company is relocating from Singapore to Panama.
• The court’s denial of the restructuring plan may delay payment rollouts.
• Zensui will issue recovery tokens as part of its compensation strategy.