The scandal of the cryptocurrency exchange WazirX in Singapore: The truth hidden and illegal activities
Disclosure from the Singapore Supreme Court about fraud in the cryptocurrency market
In the latest developments from the Singapore court, the shady tactics of WazirX and its partners like Zettai and Zensui, the Panama company, have been publicly revealed. Legal documents confirm that these businesses have deceived users, violated key regulations, and concealed the true control of the organization. This situation raises significant questions about transparency in the cryptocurrency market, especially following a $235 million attack that caused substantial damage to investors.
The scam of fake voting and significant cover-up
In a shocking turn of events, the court declared the user voting organized by WazirX invalid. Judge Kristy Tan pointed out that users were misled due to the intentional concealment of key information, reducing their ability to make informed decisions. This could lead to serious consequences as thousands of investors lose trust in the platform, while WazirX quietly escapes legal responsibilities.
Zettai operates illegally in Singapore: The shady nature
The judiciary further asserts that Zettai has been operating illegally in Singapore due to a lack of license to provide Digital Token Services (DTSP), and despite being aware of the regulations, the company has no intention of applying for permission. Notably, Zettai's legal team admitted they had no intention of seeking this license, clearly indicating intentional legal violations, not accidental ones.
The real control behind the scenes: Zensui Panama
Surprisingly, reports indicate that Zettai's control actually does not lie with this business but with Zensui, an entity based in Panama. This information was completely concealed from the community and authorities. The court opposes prolonged delays that waste public resources, aiming to maintain something artificial to avoid legal accountability.
Ignoring legal regulations in the Indian market
Additionally, WazirX has avoided registering with India's Financial Intelligence Unit (FIU), clearly indicating a trend of regulatory evasion in various countries. This move increases the likelihood that the platform will face operational restrictions in the future, while investors are still waiting for a financial recovery. The company plans to appeal, but at the same time is shifting operations to Panama under the name Zensui, making the dream of recovering funds even more elusive.
Conclusion
This scandal serves as a clear warning about the dangers in the cryptocurrency market, especially when platforms do not comply with the law, conceal control, and disrupt the market. Users need to be vigilant, choose reputable exchanges with clear licenses. The cryptocurrency market still faces many challenges, but transparency and legality are key factors for sustainable development.
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Source: https://tintucbitcoin.com/zettai-illegal-zensui-kiem-soat-tien-dien-tu-toan-cau/
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