WazirX is back in the spotlight. And once again, it’s not for a good reason. The Indian crypto exchange has quietly shifted its parent company from Singapore to Panama. It has also rebranded under a new name: Zensui.
This change comes at a time when Singapore has started cracking down on unlicensed crypto firms that offer services outside the country. Instead of applying for a license, WazirX appears to have chosen to move jurisdictions entirely.
The timing is what has raised the most eyebrows. On May 13, the Singapore High Court held a hearing related to the ongoing case involving Zettai, the parent company behind WazirX. During that hearing, the court extended the moratorium and raised fresh queries for the company to answer.
On June 3, the court sent an official communication to Zettai. The company responded on June 4. One day later, users received an internal email pointing them to redacted court documents and stating that further updates would be shared when appropriate.
What the email stated: WazirX has changed its legal identity and shifted to Panama under a completely new name.
The company’s past behavior hasn’t helped its reputation either. From the ownership dispute with Binance to withdrawal issues that left users stuck for months, WazirX has built a history of controversy.
Now, just days before the next court date, the entire entity is being moved out of Singapore and repackaged under a new name.
Twitter has been flooded with reactions since the news started surfacing. Many users are furious and are once again asking where Nischal Shetty is. The founder, who once claimed to be building India’s most trusted crypto exchange, has remained silent on this latest development.
Some have accused him of disappearing whenever the pressure rises. Some people are saying this is just another way for the team to avoid taking responsibility.
Right now, no one knows if Zensui will still be dragged into legal trouble in Singapore, or what this sudden rebrand means for users who are still waiting to get their money back or even basic updates.
This is not just a rebrand. It looks like another escape.
At this point, trust in WazirX is at an all-time low. The shift to Panama under the name Zensui feels less like a business decision and more like an attempt to avoid the increasing pressure in Singapore. Without any official confirmation, no decisions can be made.
Also Read: WazirX BitGo Partnership: Security Boost or Just Smoke & Mirrors?
