# **Exclusive: WazirX Moves Base to Panama After Singapore Court Rejection**
## Introduction:
Almost a year following the $234.9 million (Rs 2000 crore) cryptocurrency hack on WazirX exchange, the exchange faced a setback when the Singapore Court rejected its restructuring proposal due to “lack of transparency” from parent entity Zettai Pte Ltd. As a result, WazirX has decided to shift its base to Panama to navigate this challenge.
## **WazirX Exchange Confronts Court Rejection**
Almost a year after the significant cryptocurrency hack on WazirX exchange, the Singapore Court’s recent rejection of their restructuring proposal has compelled the exchange to explore new horizons. The decision stemmed from concerns regarding the lack of transparency exhibited by the exchange’s parent entity, Zettai Pte Ltd, representing the petition.
### **WazirX Initiates Move to Panama**
In response to the Singapore Court’s ruling, WazirX has made the strategic decision to shift its base to Panama. This move aims to address the challenges posed by the rejection and pave a new path for the exchange’s operations and future growth. By relocating to Panama, WazirX aims to navigate regulatory complexities and enhance operational efficiency.
## **Conclusion:**
The rejection by the Singapore Court has prompted WazirX to make a bold move by shifting its base to Panama. This transition signifies a significant step for the exchange to overcome regulatory hurdles and establish a stronger operational framework. As WazirX embarks on this new journey, the industry awaits the impact of this strategic relocation on its business trajectory.
*This post was originally published on CoinGape.*