WazirX, the crypto exchange known for serving Indian customers while operating out of Singapore, is officially moving to Panama after a Singapore court rejected its restructuring proposal. The company’s parent, Zettai, has now established a new entity—Zensui Corporation—in Panama to take over WazirX's crypto-related services.

The decision comes as Singapore’s central bank enforces a June 30 deadline requiring local crypto firms to stop offering digital token services to overseas users. This regulatory pressure, combined with the court rejection, forced WazirX to pivot quickly. In a notice to users, WazirX outlined that the migration of services to Zensui is already underway and will be completed within a few business days.

WazirX has also introduced a novel solution for users affected by its previous $235 million hack: recovery tokens. These tokens will function as onchain IOUs, tracking the outstanding balances of users impacted by the breach, which was allegedly tied to North Korean state-sponsored hackers. Creditors who hold these tokens will receive future payouts backed by profits and recovered assets.

While the move to Panama is now confirmed, the company has no plans to resume licensed operations in Singapore or register with India’s Financial Intelligence Unit, despite maintaining a strong Indian user base.

Zensui, incorporated on March 10, is set to issue the recovery tokens as part of WazirX’s restructuring, which over 90% of creditors supported. The tokens are expected to return 75% to 80% of users’ lost funds over time—marking a critical phase in WazirX’s attempt to regain user trust and rebuild after one of crypto’s largest hacks.