Singapore regulator says Hyperliquid sits outside its oversight
Regulation & Gov ·
MAS has told the Financial Times it is not aware of Hyperliquid being regulated anywhere, even as the firm maintains its headquarters are in Singapore.
The Monetary Authority of Singapore told the Financial Times, in a report covered by wublockchain.xyz, that it has no knowledge of Hyperliquid holding regulatory approval in any major market. The agency has previously cautioned investors that the platform's perpetual futures products carry no MAS oversight.
People close to the regulator's reasoning described a core dispute over jurisdiction: because Hyperliquid operates as a decentralized protocol, MAS does not view it as genuinely based in Singapore, and on that basis considers the platform beyond its regulatory reach.
That position conflicts with what Hyperliquid Labs has told the FT directly — that it is in fact headquartered in Singapore. Corporate filings examined by the FT reportedly back this up, listing Singapore as the registered location for its headquarters.
For its part, Hyperliquid has pushed back on any suggestion of regulatory overreach in its public claims, stating plainly that it has never asserted MAS licensing or authorization, and that it is not currently licensed by the regulator. The firm says it intends to keep working cooperatively with regulatory bodies going forward.
Multiple outlets have since picked up the same underlying tension — a registered Singapore presence paired with a regulator that declines jurisdiction over the protocol on structural grounds. What remains unsettled is how that gap gets resolved in practice: whether MAS's stance hardens into a formal warning or enforcement posture, and whether Hyperliquid's Singapore registration carries any weight if the decentralized-nature argument becomes the regulator's standing rationale for similar platforms.