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WazirX will move from Singapore to Panama, and its parent company will be renamed Zensui.
According to a report by Cointelegraph on June 4, Deep Tide TechFlow news states that the cryptocurrency exchange WazirX, primarily targeting Indian users, is moving its operational headquarters from Singapore to Panama and renaming its parent company Zettai to Zensui.
This decision was made after a Singapore court rejected the company's restructuring plan. According to an email sent by WazirX to its users, its parent company has registered a subsidiary, Zensui Corporation, in Panama and is preparing to transfer the platform's Crypto Assets related services to this entity.
Previously, the Monetary Authority of Singapore set June 30 as the deadline for local encryption service providers to cease offering digital token services to overseas markets.
WazirX stated that it does not intend to apply for an operating license in Singapore, nor will it register with the Indian Financial Intelligence Unit, despite its services targeting Indian customers. After the migration is completed, Zensui will be responsible for issuing WazirX recovery tokens, which is related to the exchange's compensation plan following the $235 million hacker attack.