Singapore court approves WazirX request to revote on creditor scheme

The Singapore High Court has approved a request for a revote on the restructuring plan for the WazirX crypto exchange, reversing an earlier decision from June 4. This allows WazirX to potentially reopen and start reimbursing users. The revised plan involves Zanmai Labs, an Indian-registered company, overseeing fund distributions instead of Zettai and Zensui. This change aims to address regulatory concerns related to Zensui's compliance with Singapore's Financial Services and Markets Act (FSMA). A moratorium on Zettai has been extended, providing temporary protection from legal action. The creditor revote is expected in the coming weeks, and if approved, the WazirX platform will reopen and distributions will begin. Separately, CoinDCX denied allegations that it moved user funds to unregistered entities in Lithuania, stating that all user funds are held by Neblio Technologies, a registered entity in India.