WazirX withdraws from Singapore and moves to Panama after court ruling

According to Cointelegraph, WazirX, a cryptocurrency exchange primarily serving the Indian market, announced that it will relocate its operations from Singapore to Panama, and its parent company Zettai will be renamed Zensui Corporation. The relocation is due to the Singapore court not approving its restructuring plan, and the local central bank requiring cryptocurrency service providers to cease providing digital token services to overseas markets by June 30th. The document shows that WazirX registered a new entity Zensui in Panama on March 10th, and the business transfer agreement is ready. It is expected to complete the service migration within 2-3 working days after execution. The platform has explicitly stated that it will not apply for a Singapore operating license and has no plans to register with the Indian Financial Intelligence Unit. WazirX will issue recovery tokens to compensate victims for the $235 million hacking attack in 2023. The plan has been approved by over 90% of creditors, promising to repay 75% -80% of users' stolen funds balance through platform profits and asset recovery installment payments.