Zanmai Labs takes over WazirX after clearing a key compliance hurdle from Singapore’s Monetary Authority (MAS). The Indian company is now set to regain full control of the crypto exchange’s operations, ending a long period of operational ambiguity and tensions with Binance. The move also follows legal and regulatory milestones tied to WazirX’s post-hack recovery and governance.

Until now, Binance handled WazirX operations under a 2019 partnership. But after the Indian Enforcement Directorate (ED) began investigating the platform for money laundering and other regulatory violations, Binance publicly distanced itself. In 2022, Binance stated it had no ownership or operational control over WazirX, creating confusion about who was responsible for running the exchange.

The MAS clearance now allows Zanmai to resume direct oversight of operations. The company says this transition won’t disrupt services. All trading, deposits, and withdrawals will continue without interruption.

A Closer Look at the Transition

WazirX’s restructuring efforts have been ongoing since a major cyberattack in 2022 that led to over $230 million in losses. The platform’s legal battle reached India’s Supreme Court, sparking debates on cybersecurity accountability in the crypto space.

In response, WazirX put forward a recovery plan designed to compensate users and rebuild its security framework. The plan received over 93% approval from affected creditors, as reported in its 2025 debt resolution update.

However, in early June 2024, the Singapore High Court rejected this restructuring proposal. WazirX said it respects the decision and plans to appeal. The company clarified that assets belonging to users—kept in a Non‑Liquidated Pool Asset (NLPA) reserve—remain secure and untouched during the legal process.

In the meantime, the company’s response drew criticism from industry peers. The CoinDCX CEO publicly questioned WazirX’s communication and recovery pace, urging stronger transparency and user engagement.

To strengthen its regulatory position, WazirX’s parent company Zettai Pte Ltd has also created a Panama-based subsidiary, Zensui Corporation. If needed, global operations may shift from Singapore to Panama to comply with licensing regulations under the DTSP framework.

What This Means for Users

• Control returns to Zanmai: Operational power moves back to the Indian company that founded WazirX, ending Binance’s indirect control.
• MAS approval clears path: Regulatory compliance in Singapore enables this shift.
• New entity in Panama: Zensui Corporation gives WazirX flexibility to move operations out of Singapore, if required.
• User assets remain protected: Even though the repayment plan was rejected, user funds are still held separately and safely.
• Appeal underway: WazirX plans to challenge the Singapore court’s decision in the coming weeks.

At one point, WazirX even requested Binance’s assistance in recovering stolen funds—another sign of how deeply strained and complex the relationship between the two companies had become.

To Sum Up

This transition marks an important milestone for WazirX. It clarifies ownership and operations, strengthens compliance, and sends a message of stability to its users. By preparing for a regulatory shift and building legal safeguards around user assets, WazirX is trying to rebuild trust after a turbulent period.

Zanmai regaining control also means India’s largest crypto exchange is once again being managed from within the country. That may help improve transparency with Indian regulators and streamline compliance under domestic laws.