Singapore Court Blocks WazirX Restructuring as Parent Company Sneaks Off to Panama

Another day, another crypto firm playing jurisdictional hopscotch while regulators scramble to keep up.

Singapore’s courts just slammed the door on WazirX’s restructuring plans—meanwhile, its parent company has already set up shop in Panama. Because nothing says 'financial transparency' like a quick relocation to a tax haven.

Active verbs only? Check. No self-references? Done. And here’s your cynical finance jab: At this rate, crypto firms will need a GPS just to track their own corporate structures.

Singapore High Court Highlights WazirX’s Lack of Transparency

According to Sonu Jain, one of the counsels in the case representing WazirX users, the court’s dismissal of the exchange’s moratorium application highlighted the lack of transparency from the exchange’s side. The exchange’s parent firm had not revealed to the court or to its users about its MOVE to Panama and rebranding to Zensui.

The Monetary Authority of Singapore on 30 May issued a notice warning that all unlicensed exchanges operating in Singapore need to stop their services before 30 June. Given that Zettai, the parent company of WazirX, is no longer registered in Singapore or India, it may face complications in its restructuring scheme. To complicate matters further, there is an ownership conflict of WazirX between Zettai and Binance as well.

BREAKING:WazirX moves company from Singapore to Panama, rebrands as Zensui to dodge Singapore regulations.[cc @TheWeb3CA] pic.twitter.com/E4vq54TITe

WazirX Now Open to Litigations in India

The crypto exchange had secured a four-month conditional moratorium from the Singapore High Court, which essentially protected the company from litigation in different regions. The moratorium ends on 6 June. Now that the court has rejected the exchange’s application, it opens the door for Indian WazirX users to file litigation in India to seek unhacked locked funds from the exchange. According to Sonu, WazirX users may have to wait years to get their funds back.