The popular Indian cryptocurrency exchange WazirX has surprised everyone by rebranding its company name to Zensui and moving its operations from Singapore to Panama.
Many people are wondering what this means and how it will affect everyone using their platform.
WazirX, once a leading crypto platform in India, is moving its base from Singapore to Panama. This decision came after Singapore introduced stricter rules for crypto companies, making it harder for them to operate.
Singapore now wants tighter control over how crypto exchanges work. To avoid these heavy rules, WazirX chose to shift to a place with more relaxed regulations.
Along with the move, WazirX is also changing its name to Zensui. With this change, they hope to get more freedom and grow their business smoothly in Panama.
Panama is known for its friendly approach to crypto. Unlike Singapore, which is asking for stricter rules and more control, Panama offers a more flexible environment for crypto companies.
WazirX, now Zensui, thinks this will help them bring better services to their users without always worrying about new rules.
This move also comes at a time when WazirX is still dealing with the massive hack that led to a loss of $230 million in user funds. After this hack, the company’s parent firm, Zettai Pte Ltd, which is based in Singapore, has filed for a moratorium and is now working on a court-approved plan under Singaporean law to repay its users.
Until now, no final decision has been made, the Court said the company has until June 6 to sort things out.
WazirX rebranded to Zensui to operate under more relaxed crypto regulations in Panama after leaving Singapore.
WazirX lost $230 million in a hack; its parent company filed for moratorium to work on a repayment plan under Singapore law.
The parent company is working on a court-approved repayment plan, but full reimbursement depends on legal outcomes.
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