- Singapore Court allows WazirX to present more arguments in restructuring case.
- Moratorium extended, protecting WazirX from legal actions until court review ends.
- WazirX plans Panama relocation, avoiding licensing in Singapore and India regulatory bodies.
WazirX has received approval from the Singapore Court to submit additional arguments related to its proposed Scheme of Arrangement. This expansion follows ongoing legal proceedings concerning the company’s restructuring plan. The court also extended the moratorium previously granted in case HC/OA 1284/2024 from June 6, 2025, until the disposal of the further arguments. WazirX has communicated these updates to its users, underscoring its intent to keep the community informed as the case progresses.
The moratorium granted by the Singapore Court is a legal measure that temporarily halts specified actions against WazirX while the court examines the details of the restructuring proposal. The initial moratorium was set to expire on June 6, 2025. However, with the recent decision, this protection remains in place until the court concludes the review of the newly permitted arguments. This extension safeguards WazirX from certain legal and financial pressures during the ongoing evaluation period.
By allowing further arguments, the court is providing WazirX the opportunity to present additional evidence or reasoning that may influence the court’s approval of the Scheme of Arrangement. Such schemes typically involve reorganization efforts intended to address financial, operational, or regulatory challenges.
WazirX’s Commitment Amid Legal Challenges
In a public statement on its official social media channel, WazirX thanked its users for their patience and assured them that the company remains dedicated to supporting its community throughout the legal process. The exchange emphasized its commitment to doing everything possible to navigate the current challenges and maintain service continuity.
The update arrives amid major shifts in WazirX’s operational structure. The exchange recently announced plans to relocate its operations from Singapore to Panama following the Singapore court’s refusal to sanction its initial restructuring plan.
WazirX’s founding company, Zettai, incorporated a Panamanian subsidiary, Zensui Corporation, to facilitate this transfer of services. This move also coincides with regulatory pressures from Singapore’s central bank, which set a deadline of June 30, 2025, for local crypto providers to cease offering digital token services to overseas customers.
Wider Implications for WazirX and Its Users
Although WazirX continues to serve Indian customers, it has declared that it does not intend to seek licensing approval in Singapore or register with India’s Financial Intelligence Unit. This regulatory stance may affect the exchange’s ability to operate under formal supervision in these jurisdictions.
Some legal experts have noted that continued restructuring and relocation may result in legal implications for WazirX’s Indian operations. Nevertheless, it is not certain yet how exactly they will be affected as long as more regulatory instructions and stakeholder feedback are issued. According to observers, the dynamic legal and operating environment within the company highlights the challenges cryptocurrency exchanges across the world experience amidst the closing of regulatory and geographical borders.
WazirX is currently awaiting additional instructions from the Singapore Court concerning the next course of proceedings after filing its second argument. The prolonged stay of execution is a form of temporary protection whereby the company buys some time to settle pending legal disputes, not faced with immediate enforcement proceedings.
