Hyperliquid's Singapore Registration Raises Regulatory Doubts

The Financial Times reported on Tuesday that Hyperliquid has confirmed its registration in Singapore. However, according to reports, the Monetary Authority of Singapore does not regard the platform as falling under its jurisdiction.

The regulator in question is the Monetary Authority of Singapore (MAS), which serves as the nation's central bank. According to the report, the primary concern is that Hyperliquid is decentralized.

Hyperliquid's Team Based in Singapore Holds No License

Co-founder Jeff Yan leads a team of roughly 11 people who relocated to Singapore in 2024. The platform has never applied for an MAS license.

On June 26, MAS placed Hyperliquid on its crypto warning list for Singapore. That list flags companies that the public might wrongly believe are regulated by MAS.

The listing is a cautionary measure rather than a prohibition. Hyperliquid responded by stating that it operates permissionless infrastructure and that users retain control over their funds.

Just days later, Kyle Samani, chairman of Forward Industries, criticized these permissionless claims. He said:

“Hyperliquid is not permissionless. Stop gaslighting the public,” he said.

MAS Has Already Ousted Several Crypto Firms from Singapore

MAS has already closed one avenue for local cryptocurrency companies. It set a June 30, 2025 deadline for domestic firms that serve only international clients to obtain a license or cease operations.

The regulator also indicated it would generally refuse to issue those licenses. According to law firm CMS, the rules target activities such as operating an exchange, brokering trades, and holding customer assets.

In contrast, Hyperliquid states that trades settle on-chain while users hold their own funds. Per the Financial Times, this decentralized design is why MAS does not claim jurisdiction over the platform.

Meanwhile, Hyperliquid’s HYPE token is trading at $91.64, a 3% decline over the past 24 hours. Despite the MAS warning issued in June, the altcoin's market capitalization has continued to climb.

In the United States, the Commodity Futures Trading Commission (CFTC) is seeking comment on new cryptocurrency trading rules. The agency cites the $8 billion FTX fraud as its reason to act early.