Hyperliquid Calls Singapore Home — But Does It Have a License?

Hyperliquid has confirmed it is registered in Singapore, the Financial Times reported on Tuesday. Yet Singapore’s financial regulator reportedly does not see the platform as within its jurisdiction.

That regulator is the Monetary Authority of Singapore (MAS), the city-state’s central bank. Based on the report, the biggest concern is that Hyperliquid is decentralized.

Hyperliquid’s Team Lives in Singapore, but Holds No Licence

Its team of about 11 people, led by co-founder Jeff Yan, moved to Singapore in 2024. It never applied for an MAS licence.

On June 26, MAS added Hyperliquid to Singapore’s crypto warning list. The list flags firms that the public might wrongly assume MAS regulates.

The entry is a warning, not a ban. Hyperliquid replied that it is permissionless infrastructure, and that users keep control of their own funds.

Kyle Samani, chairman of Forward Industries, criticized its permissionless claims days later.

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

Singapore Already Forced Out Several Crypto Firms

MAS has already shut one door for local crypto firms. It set a June 30, 2025 deadline for local firms serving only overseas clients to get licensed or stop.

It also said it would generally not grant those licences. The rules target activities such as running an exchange, brokering trades, and holding customer assets, according to law firm CMS.

Hyperliquid, by contrast, says trades settle on-chain while users hold their own funds. According to the FT, that decentralized design is why MAS does not claim the platform.

Meanwhile, Hyperliquid’s HYPE token trades at $91.64, down 3% in 24 hours. However, the altcoins market value has continued to climb despite the MAS alert issued in June.

In the US, the Commodity Futures Trading Commission (CFTC) is seeking comment on new crypto trading rules. It cites the $8 billion FTX fraud as its reason to act early.