WazirX, a major cryptocurrency exchange, is evaluating relocating its operations to Panama after the Singapore High Court rejected its restructuring plan. The court’s decision came after a failed attempt to raise $235 million and resolve user claims following a July 2024 security breach. WazirX’s move to Panama comes with ongoing risks as users’ funds remain locked due to unresolved financial issues. 85% of user claims were proposed for repayment, but the Singapore court rejected this plan. While no official confirmation has been made by WazirX, its leadership is exploring Panama as a potential base. This follows tightened crypto regulations in Singapore requiring foreign-client-serving firms to register locally. Sonu Jain, a Chartered Accountant and Petitioner, notes that the Singapore government’s new regulations further compounded WazirX’s difficulties. Notably, no new investments or significant on-chain activity has been reported after WazirX announced its relocation plans, with user assets such as Bitcoin and Ethereum still inaccessible. The community is focused on recovering user funds, with no clear next steps communicated yet. WazirX’s financial challenges and potential move to Panama may significantly impact user confidence and future exchange restructuring strategies.