Hyperliquid has confirmed that it is registered in Singapore, even as the city-state’s financial regulator reportedly does not treat the platform as falling within its authority. According to the Financial Times, the key issue is Hyperliquid’s decentralized structure, which MAS does not view in the same way as a conventional centralized crypto business.

The platform said it moved to Singapore in 2024 and never applied for a licence from the Monetary Authority of Singapore. Hyperliquid has argued that it operates as permissionless infrastructure, with users retaining control of their own funds rather than depositing assets with the company.

Warning list entry, not a ban

On June 26, MAS added Hyperliquid to its crypto warning list. The listing is intended as a caution to the public, not a prohibition on the platform’s activities. The regulator uses the list to flag firms that consumers might incorrectly believe are regulated by MAS.

That distinction is central to the current debate around Hyperliquid. The company is registered in Singapore and its team is based there, but it does not hold an MAS licence and says it never sought one.

Why MAS reportedly does not claim it

The Financial Times reported that MAS does not consider Hyperliquid to be under its jurisdiction because of how the platform is structured. Hyperliquid says trading is settled on-chain and that users keep custody of their own assets, which it presents as evidence that it is not operating like a traditional exchange or intermediary.

That characterization is contested. Multicoin Capital managing partner Kyle Samani pushed back on the company’s framing, saying, “Hyperliquid is not permissionless. Stop gaslighting the public.” The criticism highlights the unresolved disagreement over whether the platform’s design should exempt it from the kind of oversight applied to centralized crypto businesses.

Tighter Singapore rules for local crypto firms

Singapore has already taken a harder line on crypto firms operating from the country. MAS set a June 30, 2025 deadline for local firms that serve only overseas clients to either obtain a licence or stop operating, while also indicating that such licences would generally not be granted.

Those rules apply to activities including running an exchange, brokering trades and holding customer assets. Hyperliquid’s position is that its model differs because users control their own funds and transactions settle on-chain, a distinction the Financial Times said helps explain why MAS has not asserted direct oversight.

Market reaction and broader regulatory backdrop

Hyperliquid’s HYPE token was trading at $91.64, down 3% over the previous 24 hours, according to the source article. That move came even as the broader altcoin market value continued to rise following the June MAS alert.

Outside Singapore, regulators are also revisiting crypto market rules. In the United States, the Commodity Futures Trading Commission is seeking public comment on new crypto trading regulations, citing the $8 billion FTX fraud as a reason to move early. For Hyperliquid, the confirmed facts remain limited: it is registered in Singapore, it does not hold an MAS licence, and MAS’s June action was a warning-list addition rather than a ban.

Source: beincrypto.com