WazirX’s Rebrand to Zensui Raises Eyebrows as User Access Remains Frozen

Editor’s Note – June 4, 2025: This article has been updated following the Singapore court’s rejection of the WazirX restructuring plan. Jump to the update.

WazirX is now Zensui. The platform has a new name, a new jurisdiction, and a public narrative of renewal. But for thousands of users still unable to trade or withdraw, the rebrand offers no relief. Until the court lifts the moratorium, the relaunch remains out of reach.

From 2024 Hack to Prolonged Legal Freeze

The road to Zensui began with a crisis. In July 2024, WazirX suffered a major cyberattack that disrupted operations and led to a sweeping restructuring effort. To stabilize, the exchange’s parent company, Zettai Pte Ltd, filed a Scheme of Arrangement in the Singapore High Court, seeking protection and creditor approval.

In March 2025, the company secured overwhelming support: more than 90% of voting creditors backed the restructuring plan. A key milestone, but not the final hurdle.

As the case moved through Singapore’s legal system, a court-imposed moratorium on user payouts and trading was granted, and the court has since extended it multiple times. As of now, it remains in effect until June 6, 2025.

Zensui: A New Name, A New Jurisdiction

On June 1, 2025, WazirX officially announced its rebrand to Zensui and its relocation from Singapore to Panama, citing the country’s crypto-friendly regulatory stance. The move was framed as a clean slate: a way to distance the platform from past operational baggage and offer a modernized, independent exchange.

Yet the announcement timing, just days before the expected court decision, struck some as premature. Critics argue that core user issues remain unresolved while the name and jurisdiction have changed.

>>> Read more: WazirX Decentralized Exchange Launching in India?

Users Still Locked Out

Despite progress on paper, WazirX users still cannot access their funds or trade. The Singapore court’s extended moratorium continues to prevent withdrawals, deposits, and platform activity.

This has caused increasing frustration among retail investors, particularly as the broader crypto market shows signs of recovery. With trading volumes rising globally, many feel they are being unfairly sidelined at a crucial moment.

Calls to lift the moratorium ahead of the bull market have grown louder, but the court has so far remained cautious.

The BitGo Spotlight – But What Happened to Zodia?

As part of its relaunch strategy, Zensui has highlighted a new custodial partnership with BitGo, emphasizing its commitment to institutional-grade security. BitGo’s involvement was reiterated in the June 1 rebrand announcement and appears to be central to Zensui’s post-recovery identity.

But one name was conspicuously absent: Zodia Custody. In March 2025, WazirX had also announced a partnership with Zodia, yet recent statements have excluded it entirely. There has been no official comment from either party about the status of that collaboration.

The selective focus on BitGo has sparked speculation that the Zodia deal may have stalled, or that it was more promotional than practical from the start.

>>> Read more: FTX Recovery Trust Commences $5B Repayment in Stablecoins

June 6: Decision Day

All eyes are now on the Singapore High Court’s June 6 hearing. A favorable ruling could finally lift the moratorium and allow Zensui to resume full operations under its new identity. An unfavorable outcome would prolong the freeze and further erode user confidence.

For users still waiting to access their funds, the question isn’t whether Zensui has changed; it’s whether that change actually matters.

Update: Singapore Court Rejects WaxirX Restructuring Plan, Zensui Relocation Confirmed

On June 4, 2025, the Singapore High Court formally rejected WazirX’s proposed restructuring plan, citing procedural inconsistencies and undisclosed intentions to relocate operations to Panama. The decision invalidates months of legal proceedings and puts the future of user compensation in question.

Just hours after the ruling, the company, already rebranded as Zensui, announced it would fully exit Singapore and operate solely under Panamanian jurisdiction. While Zensui claimed the move had been planned independently of the court outcome, media reports indicate the relocation was already in motion before the ruling.

The court’s rejection also casts doubt on the previously proposed recovery token scheme and creditor settlement roadmap. Although Zensui has expressed intent to appeal, the abrupt shift in jurisdiction has sparked renewed concerns over transparency, enforceability, and user trust.

For users still waiting to regain access to their assets, the hope of a structured legal recovery under Singapore’s oversight now appears unlikely.