WazirX, an India-focused crypto exchange, is relocating its operations from Singapore to Panama following a court's refusal to approve its restructuring plan. In communication with its users, WazirX indicated that its parent company, Zettai, will be rebranded as Zensui and has already established operations in Panama. This decision comes after Singapore's central bank mandated that local crypto service providers cease offering digital token services to foreign markets. Zensui is expected to facilitate the transfer of WazirX's cryptocurrency services quickly and will also manage the issuance of recovery tokens tied to compensation for users affected by a significant hack linked to North Korean hackers. Although WazirX serves Indian customers, it has stated it will not seek operating licenses in Singapore or register with India's Financial Intelligence Unit. As part of its restructuring, holders of the recovery tokens are anticipated to receive periodic distributions based on WazirX's profits and asset recovery efforts, aiming to cover substantial losses incurred during the hack.

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