Hyperliquid has confirmed registration in Singapore, according to reporting by the Financial Times. However, Singapore's financial regulator, the Monetary Authority of Singapore (MAS), does not view the platform as falling within its jurisdiction.
The core issue centers on Hyperliquid's decentralized structure. The platform's team of approximately 11 people, led by co-founder Jeff Yan, relocated to Singapore in 2024 but never applied for an MAS license.
On June 26, MAS added Hyperliquid to Singapore's crypto warning list, which flags firms that the public might incorrectly assume are regulated by MAS. The listing serves as a warning rather than an outright ban.
Hyperliquid responded by emphasizing that it operates as permissionless infrastructure where users retain control of their own funds. Kyle Samani, chairman of Forward Industries, disputed this characterization, stating: "Hyperliquid is not permissionless. Stop gaslighting the public."
Singapore's Regulatory Pressure on Crypto Firms
MAS has implemented stricter requirements for local cryptocurrency firms. The regulator set a June 30, 2025 deadline for firms serving only overseas clients to obtain a license or cease operations. MAS indicated it would generally not grant such licenses.
These rules target activities including operating exchanges, brokering trades, and holding customer assets. Hyperliquid distinguishes itself by settling trades on-chain with users maintaining custody of their funds, a structure MAS does not consider to fall under its regulatory authority.
Market and Regulatory Developments
Hyperliquid's HYPE token was trading at $91.64, down 3 percent over 24 hours at the time of reporting. The broader altcoins market continued climbing despite the MAS warning issued in June.
In the United States, the Commodity Futures Trading Commission is seeking public comment on new crypto trading rules, citing the $8 billion FTX fraud as motivation for early regulatory action.
