- MAS says it is unaware of Hyperliquid being regulated in any major jurisdiction and questions its Singapore status.
- Hyperliquid Labs says it is based in Singapore, while corporate documents list the city-state as its registered headquarters.
- MAS has warned investors about Hyperliquid’s leveraged perpetual futures, citing concerns around retail crypto speculation.
Singapore’s financial regulator says it is unaware of Hyperliquid being regulated in any major jurisdiction. The Monetary Authority of Singapore also says its perpetual futures remain outside MAS regulation, despite Hyperliquid Labs confirming Singapore as its base. The dispute centers on whether the decentralized platform falls under Singapore’s regulatory jurisdiction.
MAS Questions Hyperliquid’s Singapore Status
People familiar with MAS’s thinking told the FT that the regulator does not view Hyperliquid as based in Singapore. They cited its decentralized nature and said it should therefore fall outside MAS jurisdiction.
However, Hyperliquid Labs told the FT that it is based in Singapore. Recent job advertisements asked applicants whether they could work in the company’s Singapore office. Corporate documents reviewed by the FT also list Singapore as Hyperliquid Labs’ registered headquarters.
The company said Hyperliquid has never claimed MAS licensing or authorization. Hyperliquid added that it respects regulators’ roles and remains committed to engaging with them. Meanwhile, MAS has warned investors about the platform’s perpetual futures.
Perpetual Futures Draw Regulatory Scrutiny
Hyperliquid’s platform offers perpetual futures, which allow traders to speculate without delivering the underlying assets. These contracts do not expire and use mechanisms that keep prices tied to underlying spot markets.
Consumer advocates have described perps as highly risky because traders can use leverage and maintain open-ended positions. Hyperliquid founder and CEO Jeff Yan spoke Wednesday at Token2049 in Singapore.
MAS has taken a cautious approach to retail cryptocurrency activity. It has promoted digital asset innovation among institutions while discouraging cryptocurrency speculation among the public.
The regulator’s concerns also follow earlier crypto failures in Singapore. Terraform Labs was registered there before its $40 billion TerraUSD collapse in 2022.
Singapore Tightens Rules Around Crypto Firms
Last year, MAS required unlicensed crypto exchanges operating in Singapore to close or move overseas. Chainalysis later reported that Singapore’s crypto assets grew 55% last year. Other regulators have also addressed Hyperliquid’s perps.
The UK’s Financial Conduct Authority warned investors that it does not regulate Hyperliquid. Meanwhile, the U.S. approved retail perp trading this year. President Donald Trump said in August that the CFTC was working toward bringing Hyperliquid into the U.S. compliantly.
Singapore Exchange also offers perpetual futures, but MAS said its products differ fundamentally from Hyperliquid’s. SGX designed those products for institutional investors.
