Hyperliquid Confirms Singapore Registration as MAS Says Exchange Falls Outside Its Jurisdiction

Hyperliquid Labs has confirmed to the Financial Times that its registered headquarters are in Singapore, while the Monetary Authority of Singapore (MAS) told the paper it does not regard the platform as falling within its regulatory jurisdiction because of what it sees as Hyperliquid's decentralised nature.

The FT reported on Tuesday that corporate documents list Singapore as Hyperliquid's registered headquarters, and recent job postings point to an office in the city. The team, led by co-founder Jeff Yan, relocated to Singapore in 2024. MAS said it was not aware of Hyperliquid being regulated by any major jurisdiction. Hyperliquid told the FT it is currently unregulated, has never claimed to be licensed or authorised by MAS, and would work constructively with regulators.

The position is consistent with how MAS has treated Hyperliquid so far. On June 26 the regulator added the platform to its Investor Alert List, which flags entities the public may wrongly assume are licensed or regulated by MAS. Hyperliquid responded at the time that the listing "does not constitute a ban, an enforcement action, or a finding of wrongdoing," and described itself as "permissionless infrastructure."

The gap stands out against Singapore's rules for crypto firms based in the country. Since June 30, 2025, Singapore-based firms providing digital token services solely to customers overseas have needed a licence under the Financial Services and Markets Act or have had to stop offering those services, and MAS said it would grant such licences only in extremely limited circumstances. By declining jurisdiction, MAS is treating Hyperliquid Labs' Singapore registration as separate from the trading venue itself, which leaves the exchange outside that regime.

The venue in question is substantial. Hyperliquid offers high-leverage perpetual futures on cryptocurrencies as well as on oil and equities. Its HYPE token traded at $90.89 at the time of writing, down 2% over 24 hours, giving it a market capitalisation of about $20.2 billion, according to CoinGecko.

The FT report landed during Token2049 week in Singapore, on the same day Grayscale co-hosted a Hyperliquid forum for institutional investors at the Raffles Hotel. For allocators weighing exposure to HYPE or to the venue itself, the absence of any major regulator willing to claim oversight of the platform is now on the record.