WazirX Flees to Panama, Rebrands as ‘Zensui’ After Legal Heat—Because Nothing Says ‘Trust Us’ Like a Crypto Exchange Dodging Regulations

In a move that surprises absolutely no one in crypto, WazirX—India’s embattled exchange—pulls a geographic pivot to Panama, slapping on a fresh name (‘Zensui’) like a cheap coat of paint. Regulatory pressure? What regulatory pressure?

The rebrand feels less like innovation and more like a shell game—swap the sign, shuffle jurisdictions, and hope the authorities lose interest. Classic crypto maneuver: when in doubt, run and rebrand.

Panama’s lax oversight? A feature, not a bug. Meanwhile, users left wondering if their funds will follow the company’s lead—disappearing into tropical opacity.

WazirX to relocate to Panama under new name ‘Zensui’ amid legal setback

According to Chartered Accountant Sonu Jain, one of the petitioners against WazirX, the Singapore High Court had scheduled June 4 to deliver its verdict on the exchange’s restructuring petition, given the approaching moratorium deadline of June 6. 

Jain noted that the decision came shortly after the Singapore government issued a new directive requiring companies offering crypto services to foreign clients to register themselves formally.

Jain further reported that Judge Tan questioned WazirX’s counsel on whether Zettai had applied for a license to operate in Singapore. In response, the counsel stated that they had no intention of obtaining such a license and instead planned to relocate to Panama, where a company had already been registered on March 10.  

The judge expressed displeasure over the fact that WazirX had kept the court uninformed of this development for months, only disclosing it when directly questioned. According to Jain, Judge Tan also remarked that she doubted the management’s willingness to return users’ funds.

Meanwhile, on June 5, WazirX emailed its users redacted court documents announcing its rebranding as Zensui and a change in its legal identity.

Many WazirX users expressed satisfaction with the court’s verdict, criticizing the exchange management’s handling of the hack crisis over the past 10 months. Numerous users had petitioned India’s high courts and Supreme Court, demanding urgent intervention in restructuring, accusing the management of arbitrary decisions. However, these requests were denied as there was no regulatory framework for crypto in India.

Victims hail verdict as a moral win, call for urgent crypto regulation in India

This latest ruling of the Singapore Court is a legal victory and a moral reckoning, says Romy Johnson, WazirX hack victim and crusader for crypto justice and regulations in India.

The victim described it as a monumental win for every Indian who was cheated, defrauded, and looted by these so-called crypto custodians. 

Johnson stressed that India has to take note—while courts in other countries deliver justice, the regulatory black hole in the country allows fraud to occur. The advocate added that if there is any test for regulation of cryptocurrency in India, it is not tomorrow but today, and justice should not be outsourced but delivered at home.

WazirX issued an official statement on Wednesday evening in response to the Singapore Court’s verdict, asserting that its primary objective is initiating user fund distribution as soon as possible.

WazirX said it respects but does not agree with the Singapore High Court’s denial of its proposed restructuring plan, calling the outcome surprising to the exchange.

The company affirmed that it aims to meet all legal and regulatory obligations, adding that releasing user funds is the priority. WazirX has also mentioned that they are consulting with all the appropriate advisories about the legal options against the court’s decision and are planning to contest it further.

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