Scoop: Singapore High Court clears path for WazirX revote, platform could resume operations within weeks

Scoop: Singapore High Court clears path for WazirX revote, platform could resume operations within weeks originally appeared on TheStreet.

The Singapore High Court has overturned its June 4 order rejecting WazirX’s restructuring plan, granting permission for a fast-tracked revote that could allow the Indian crypto exchange to reopen and begin reimbursing users within a month.

In the latest hearing on July 16, the court accepted new arguments from Zettai— the parent firm of WazirX — after a revised proposal addressed prior regulatory concerns.

The restructuring scheme initially faced objections due to the involvement of Panama-based Zensui and concerns over potential violations of Singapore’s Financial Services and Markets Act (FSMA).

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However, under the revised plan, the Singapore High Court has granted Zettai an expedited timeline to conduct a revote on the updated proposal.

The presiding judge confirmed that all necessary amendments have been made to the scheme in line with the court’s earlier observations. If a majority of creditors vote in favor, WazirX will resume operations immediately, and the distribution of user assets will begin without delay.

As part of the restructured plan, all core operations—ranging from trading and withdrawals to user-facing tech—will now be handled by Zanmai Labs, an Indian-incorporated entity, rather than Zensui. This shift toward local control was central to satisfying the court’s compliance concerns.

“The crypto-crypto operations will be transferred to Zanmai India... to facilitate the full resumption of operations of the Platform,” Zettai’s co-founder Nischal Shetty stated in an affidavit dated July 4 and reviewed by TheStreet.

The plan had previously secured overwhelming creditor approval—over 93% by headcount and 94.6% by value—but was struck down due to FSMA concerns. The turning point came when Singapore’s Monetary Authority (MAS) clarified that Zettai would not be in breach of digital token service rules as long as distributions occur outside the country.

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With this regulatory green light, the High Court has now instructed Zettai to organize a revote on an expedited timeline. If approved, the platform will reopen immediately and initiate its long-awaited distribution process—handled by Zanmai—aimed at repaying users affected by the $234 million hack in July 2023.

“Zettai had always contemplated the possibility of the Platform resuming full operations... the Scheme had provided for a sharing of any Platform Profits with Scheme Creditors,” Shetty wrote.

Story ContinuesScoop: Singapore High Court clears path for WazirX revote, platform could resume operations within weeks first appeared on TheStreet on Jul 16, 2025

This story was originally reported by TheStreet on Jul 16, 2025, where it first appeared.

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