In Affidavit: How WazirX Is Moving Towards User Repayments
In July 2025, WazirX submitted its ninth affidavit to the Singapore High Court — a crucial update in its ongoing effort to repay users after the July 2024 security breach. While much of the recovery has happened behind the scenes, this affidavit offers the clearest picture yet of how WazirX plans to close the loop on user withdrawals.
This blog breaks down what the affidavit says, why it matters, and how it brings WazirX one step closer to delivering on its promise: to return crypto assets to users, the right way.
Why the Latest Affidavit Matters
Affidavits are legal documents submitted under oath — not just internal statements. This means WazirX’s affidavit carries legal weight, and is a continuation of its transparent, court-approved recovery journey.
The affidavit covers:
- Where the assets are held
- How users will be repaid
- What changes might happen
- How the plan remains legally compliant
And most importantly, it shows regulators and the court that WazirX hasn’t paused its efforts — it’s pushing forward and upward, step by step.
Legal Clarity: MAS and FIU-IND
The affidavit brings good news from regulators:
MAS (Monetary Authority of Singapore) has clarified that a one-time crypto distribution under a court-approved plan does not require licensing under the Financial Services and Markets Act (FSMA).
In India, Zanmai Labs, the platform operator, is already registered with FIU-IND — ensuring local compliance for handling withdrawals.
With approval from both regulatory fronts, WazirX is no longer in limbo. The legal green light has been granted.
Two Operational Paths, One Goal
The affidavit outlines two possible paths for repayment:
- Zettai (Singapore) will handle the one-time crypto distribution directly, if the original scheme is approved by the court.
- Zanmai Labs (India) takes over operations if the court prefers a modified structure.
In both cases, users will receive their crypto. The goal is the same — the legal route just differs based on what the court deems most suitable.
A Built-In Plan B — Just In Case
The best part about the affidavit?
It shows WazirX is prepared — and not stubborn.
If the Singapore court suggests changes, the team isn’t saying “no.”
They’ve already planned for it. Here’s what’s in place:
If needed, they can transfer assets and operations between companies smoothly.
They’ve created legal documents that make sure Zettai, Zanmai, or any other party will still follow the rules — no matter what changes.
And if big changes happen, they’ll hold a re-vote among users within 30 working days. Nothing gets forced through without user approval.
Why does this matter?
Because it shows three things about WazirX:
- They’re not rigid
- They’re ready to adjust
- They respect user choice
It’s not just a backup plan — it’s a sign that they’re taking this seriously, and thinking ahead.
What This Means for Users
As a WazirX user waiting to get access to the assets, this affidavit definitely offer reassurance:
- Legal systems are actively involved.
- Compliance has been double-checked.
- And most importantly: WazirX is still here, still filing, still building a pathway back to withdrawals.
Final Thoughts
Affidavit 9 isn’t just paperwork. It’s proof that WazirX is staying accountable — not through PR, but through courts, compliance, and planning.
In a space often driven by hype or silence, this is something different: a recovery rooted in structure. The comeback will be loud — and will be real.
And for users, that’s what truly matters.
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