WazirX Rebrands as Zensui in Panama to Dodge Singapore’s 2025 Crypto Rules

WazirX rebrands as Zensui in Panama to escape Singapore’s tightening crypto regulations, a bold move that’s stirring up the crypto community. After a crippling $235 million hack in 2024, WazirX, India’s leading crypto exchange, has set up a new entity, Zensui Corporation, in Panama to sidestep Singapore’s strict Financial Services and Markets (FSM) Act, 2022, effective June 2025. This article, brought to you by Startup INIDAX, explores why WazirX made this leap, how it affects its 4.4 million Indian users, and what it signals for the future of crypto exchanges. From Singapore’s crypto noose to Panama’s regulatory haven, we’ll unpack the drama and its implications for India’s crypto ecosystem.

Introduction: WazirX’s Strategic Shift to Panama

Picture this: your go-to crypto platform suddenly moves to a new country and changes its name. That’s the reality for WazirX users in June 2025. WazirX, India’s largest crypto exchange, has rebranded as Zensui Corporation and set up shop in Panama to dodge Singapore’s 2025 crypto rules. This isn’t just a rebrand—it’s a calculated escape from regulatory pressure and a bid to recover from a $235 million hack that rocked the platform in 2024. At Startup INIDAX, we’re diving deep into this shift, exploring why WazirX chose Panama, what Zensui means for users, and how this move could reshape India’s crypto landscape. Buckle up—it’s a wild ride!

Understanding Singapore’s 2025 Crypto Crackdown

Singapore has been a crypto darling for years, with its clear rules and vibrant ecosystem. But the tide is turning. The Financial Services and Markets (FSM) Act, 2022, set to fully kick in on June 30, 2025, is tightening the screws on crypto firms. Under this law, platforms like WazirX, operating via its Singapore-based parent Zettai Pte Ltd, must secure a license from the Monetary Authority of Singapore (MAS) to offer digital token services, especially overseas. This “Singapore crypto noose” means stricter anti-money laundering (AML) rules, detailed reporting, and hefty compliance costs.

For WazirX, already battered by a massive hack, staying in Singapore was a non-starter. The company told the Singapore Supreme Court it had no plans to apply for a license, citing the regulatory burden as a dealbreaker. Instead, WazirX rebrands as Zensui in Panama, where the rules are far less stringent. This move highlights a growing tension: as regulators like the MAS crack down, crypto firms are seeking friendlier shores to keep their operations alive.

Why Panama? WazirX’s New Home Explained

So, why Panama? It’s not just about sunny beaches—Panama is a crypto haven with minimal regulatory hoops. Unlike Singapore’s license-heavy approach, Panama doesn’t require crypto firms to jump through endless compliance checks, making it a magnet for platforms like WazirX. By setting up Zensui Corporation on March 10, 2025, WazirX aims to keep its operations nimble while recovering from the 2024 hack. The move is quick, too—WazirX claims it can transfer operations to Panama in just two to three business days once agreements are finalized.

But it’s not all smooth sailing. Some analysts, like crypto expert Priya Sharma, argue that WazirX’s Panama pivot could be seen as dodging accountability. On X, users like @CryptoVibeIndia have called it a “shady move” to escape Singapore’s crypto noose. Still, for WazirX, Panama offers a lifeline to rebuild without the weight of Singapore’s regulations. Startup INIDAX sees this as a pragmatic, if risky, step for a platform fighting to regain its footing.

Zensui Corporation: A Fresh Start for WazirX

WazirX rebrands as Zensui Corporation, a name that signals a new chapter for the exchange. This isn’t just a cosmetic change—Zensui will take over WazirX’s crypto services, including issuing recovery tokens to compensate users hit by the 2024 hack. These tokens, tied to WazirX’s profits and recovered assets, aim to repay users for their losses. The rebrand also distances WazirX from Singapore’s regulatory scrutiny and the hack’s fallout, giving it a clean slate to rebuild trust.

The response? Mixed, to say the least. On X, users like @BlockchainBros and @CryptoDailyIN are skeptical, with some labeling the rebrand a tactic to “run from responsibility.” Others see it as a necessary pivot to keep WazirX afloat. At Startup INIDAX, we believe Zensui could be a fresh start—if WazirX plays its cards right. Transparency and robust security will be key to winning back users who feel burned by the hack and the sudden move.

The $235M Hack That Shook WazirX

Let’s rewind to July 2024, when WazirX faced a nightmare: a $235 million hack linked to North Korea’s Lazarus Group. The breach, one of the largest in crypto history, drained nearly 45% of WazirX’s holdings from a multisig wallet, impacting 4.4 million Indian users. Trading and withdrawals ground to a halt, sparking outrage and regulatory attention in India and Singapore. WazirX’s “socialised loss strategy”—spreading 45% of the losses across users—drew fierce criticism, with CoinSwitch’s CEO calling it “absurd.”

The hack also exposed cracks in WazirX’s security, particularly its reliance on third-party wallet provider Liminal Custody. WazirX pointed fingers at Liminal’s interface, while Liminal’s forensics cleared their name. WazirX has since cut ties with Liminal and recovered $3 million in assets, but the damage was done. The Singapore High Court rejected WazirX’s restructuring plan in June 2025, citing insufficient transparency, pushing the company to rebrand as Zensui in Panama.

Impact on Indian Crypto Users: What’s Next?

For WazirX’s 4.4 million Indian users, the Panama move and Zensui rebrand raise big questions. Will their funds be secure? Can Zensui deliver on its recovery promises? The restructuring plan, approved by 75% of creditors in January 2025, aims to repay 75-80% of losses through recovery tokens and liquid assets. But repayments are based on current crypto values, not those at the time of the hack, leaving some users frustrated.

India’s crypto environment is already tough, with a 1% TDS on transactions and a 30% tax on gains—among the highest globally. WazirX’s Panama shift may streamline operations, but it doesn’t solve India’s regulatory uncertainty. The National Consumer Disputes Redressal Commission (NCDRC) recently dismissed a user plea, citing India’s lack of clear crypto laws. For now, users must trust Zensui’s recovery efforts and hope Panama’s lax rules don’t lead to more risks.

Startup INIDAX’s Perspective: A Turning Point for Crypto?

At Startup INIDAX, we view WazirX’s rebrand as Zensui in Panama as a high-stakes gamble. It’s a clever way to dodge Singapore’s 2025 crypto rules and keep the platform running post-hack, but it risks alienating users if transparency falters. X posts from users like @CryptoNinjaIN reflect this tension, with some praising the move as “smart” and others slamming it as “evasive.” The bigger picture? Crypto exchanges are caught in a global regulatory tug-of-war, and WazirX’s pivot could inspire others to seek out havens like Panama or the UAE.

For platforms like Startup INIDAX, which aim to educate and empower crypto enthusiasts, this saga is a wake-up call. Exchanges must prioritize user trust through airtight security and clear communication. WazirX’s quiet rebrand, with no public announcement, has fueled skepticism, but Zensui has a chance to reset the narrative—if it delivers on its promises.

Conclusion: The Future of WazirX and Crypto Regulation

WazirX rebrands as Zensui in Panama to dodge Singapore’s 2025 crypto rules, a move that’s both a survival tactic and a gamble. While it offers a path to recovery after the $235 million hack, it hinges on rebuilding trust with 4.4 million users. At Startup INIDAX, we’re watching closely as this unfolds, and we’ll keep you updated on how WazirX—and the broader crypto world—navigates this regulatory maze. For Indian crypto users, it’s a time to stay vigilant, informed, and ready for what’s next. The crypto rollercoaster never stops, does it?