WazirX, one of India’s most well-known crypto platforms, has been working hard to make a strong return. After facing legal and operational hurdles over the past year, the platform’s parent company, Zettai Pte Ltd, has taken significant legal and regulatory steps to resolve user concerns and prepare for a full revival.
A recent affidavit filed by Nischal Shetty, the company’s director, outlines the road ahead. This blog breaks down that affidavit in simple terms and explains why WazirX’s return might be India’s first big crypto redemption story.
What’s Actually Happening?
Zettai Pte Ltd the Singapore-based entity, is undergoing a court-approved process to distribute crypto tokens back to users. This is called a Scheme of Arrangement — a legal plan that allows companies to reorganise their operations and debts fairly and equitably.
The plan’s first step is what they’re calling the "First Distribution" — a phased return of crypto assets to all the platform users.
The Good news?
Singapore’s regulator, the Monetary Authority of Singapore (MAS), confirmed that this one-time distribution is not illegal under their rules.
So, Will Users Get Their Crypto Back?
Yes — if the scheme goes through as planned.
MAS has clarified that as long as the distribution is one-time and made to users outside Singapore (like India), it won’t break any law. That’s a major green light for WazirX to move forward.
The crypto will be distributed securely using wallets managed by renowned and regulated third parties and, in India, by Zanmai Labs, which is FIU-IND registered (the Indian government’s crypto monitoring body).
Who Will Handle the Crypto?
There are two possible ways the distribution can happen:
Plan A: The Original Scheme
Zettai (Singapore) holds the crypto and makes the distribution.
Zanmai Labs (India) helps users withdraw it through the WazirX platform.
This plan does not require any additional registration, according to expert legal advice.
Plan B: The Amended Scheme (if the court asks for changes)
If the court requests modifications, Zettai will shift the entire operational responsibility — including user withdrawals and crypto-crypto services — to Zanmai Labs, a fully FIU-IND registered entity in India.
This ensures that all post-distribution activities remain compliant with Indian regulations, while Zettai steps away from day-to-day operations. The user experience remains unchanged, but with even stronger legal safeguards.
Either way, Zanmai Labs — an Indian, FIU-registered entity — will handle all user-facing withdrawals. This ensures compliance with Indian laws.
What’s New and Reassuring?
Compliance with Indian Law
Zanmai Labs is already registered with FIU-IND, so all operations within India are legally sound.
Security First
Tokens are stored across leading crypto custodians like BitGo and Zodia.
Clarity on Control
The affidavit clarifies that users will have full rights to their balances.
Fairness for All Users
All users will be treated equally. There’s no VIP list. Distribution will be based on verified user claims.
What Comes After the Distribution?
Zettai plans to resume platform operations in India — through Zanmai Labs — once the first round of distributions is complete.
If things go smoothly, users could also benefit from the revival of trading features and even new growth opportunities like recovery tokens.
But even if full operations take longer, the first step — giving users back their funds — is the top priority.
How Is This Different From Other Crypto Platforms?
This structured, legally transparent approach is rare in the crypto world — especially in India.
Unlike platforms that shut down without explanation or leave users hanging, WazirX:
Is working through legal systems in Singapore and India,
Has involved regulators like MAS and FIU-IND,
Is backing its plans with third-party experts and legal advisors.
Final Thoughts
Instead of walking away, WazirX stood its ground— with transparency, legal checks, and a user-first mindset.
If this effort succeeds, WazirX could set a new benchmark for responsible recovery in Indian crypto. A blueprint that shows how to earn back trust, legally and transparently.
Whether you’re a WazirX user, a crypto beginner, or just someone watching this space — this is one comeback story worth tracking.
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