“The Honourable Singapore High Court issued an order declining to approve our proposed restructuring plan. While this outcome was not what we anticipated, we respect the Court’s decision and remain fully committed to complying with all legal and regulatory processes.”
In response, WazirX stated that it remains committed to fulfilling all legal obligations and will explore other legal routes, including a potential appeal. The exchange also clarified that the ruling does not affect its Net Liquid Platform Assets (NLPA), which have already been stabilized post-attack.
It added:
“WazirX has faced challenges before, and each time, we’ve come back stronger. More updates will follow in due course.”
The legal setback comes amid a broader, controversial shift in WazirX’s corporate strategy.
The exchange, which primarily served the Indian market but was headquartered in Singapore, is relocating to Panama. Its parent company, Zettai, will rebrand as Zensui and continue operations from the Central American nation.
“This isn’t a fresh start, it’s a cover-up. A company under fire doesn’t get to just rename itself and walk away. Crypto doesn’t need cowards hiding in tax havens. It needs accountability.”
