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Singapore's Monetary Authority said it is not aware of Hyperliquid being regulated in any major jurisdiction and has warned that the platform's perpetual futures are not regulated by MAS. People familiar with the regulator's thinking told the Financial Times that MAS considers Hyperliquid outside its jurisdiction because of its decentralized nature.
Why it matters
The jurisdictional question remains contested. Hyperliquid Labs confirmed to the FT that it is based in Singapore, and corporate documents reviewed by the newspaper list Singapore as its registered headquarters. MAS's reported view is that the platform's decentralized structure means it should fall outside the regulator's remit.
Market impact
Hyperliquid said it is not, and has never claimed to be, licensed or authorized by MAS, and that it remains committed to engaging constructively with regulators. For users of its perpetual futures, the distinction is material: the products are not regulated by MAS, and the regulator says it is not aware of Hyperliquid being regulated in a major jurisdiction.
Frequently asked questions
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What did MAS say about Hyperliquid's perpetual futures?
MAS said Hyperliquid's perpetual futures are not regulated by the Singapore regulator. It also said it is not aware of the platform being regulated in any major jurisdiction.
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Why does MAS reportedly consider Hyperliquid outside its jurisdiction?
People familiar with the regulator's thinking told the FT that MAS considers Hyperliquid outside its remit because of its decentralized nature.
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What evidence links Hyperliquid Labs to Singapore?
Hyperliquid Labs confirmed to the FT that it is based in Singapore. Corporate documents reviewed by the newspaper list Singapore as its registered headquarters.
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Has Hyperliquid claimed to be licensed by MAS?
No. Hyperliquid said it is not, and has never claimed to be, licensed or authorized by MAS.
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What did Hyperliquid say about its approach to regulators?
Hyperliquid said it remains committed to engaging constructively with regulators.
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