- Main event, leadership changes, market impact, financial shifts, or expert insights.
- WazirX moves to Panama post-court ruling.
- $250 million in user funds remain locked.
The move by WazirX to Panama highlights the challenges facing the crypto industry in regulatory environments. Users await resolution as funds remain inaccessible.
The Singapore High Court, led by Judicial Commissioner Kristy Tan, denied WazirX’s restructuring, questioning the company’s transparency. The parent entity, Zettai Pte Ltd, acknowledged the operational relocation to Panama as a strategic escape from regulatory pressures.
The court highlights a lack of transparency and regulatory engagement by WazirX’s parent entity Zettai Pte Ltd.
— Judicial Commissioner Kristy Tan, Singapore High Court.
Users expressed various reactions, with some relieved by the court’s scrutiny and others frustrated over prolonged fund lock-ups. The financial impact is significant, with $234.9 million affected in the previous year’s hack, which disrupted users significantly.
The frozen assets continue to impact market liquidity, causing strains on both investors and the crypto space. WazirX’s troubles reflect ongoing challenges in crypto regulation, underscoring the industry’s volatile nature and need for clear oversight.
The Panama relocation could complicate recovery efforts, reminiscent of past crypto exchange collapses. Regulatory developments in both Singapore and India may yet influence the broader crypto landscape. Zensui, WazirX’s new registration, may face similar regulatory hurdles.
