Singapore regulator distances itself from Hyperliquid despite local registration
Crypto futures decentralized exchange Hyperliquid is registered and based in Singapore, but the Monetary Authority of Singapore stated the platform falls outside its jurisdiction due to its decentralized design.
Crypto futures decentralized exchange Hyperliquid confirmed to the Financial Times that it is officially registered and based in Singapore, but the country's financial regulator does not consider the platform to be under its oversight. The Monetary Authority of Singapore stated that Hyperliquid falls outside its jurisdiction because the trading platform is decentralized.[2][3][4]
Hyperliquid's team of about 11 people moved to Singapore in 2024 under co-founder Jeff Yan, according to the Financial Times. The exchange has never applied for a license with the Monetary Authority of Singapore, maintaining that its permissionless setup leaves users in control of their own funds.[1]
The platform's status follows MAS placing Hyperliquid on its crypto warning list on June 26 to caution market participants against regulatory assumptions. The regulator's hands-off jurisdictional position comes despite Singapore previously requiring cryptocurrency firms serving overseas customers to obtain licenses or cease operations.[1]
Key facts
- Hyperliquid told the Financial Times that it is officially registered and based in Singapore.
- The Monetary Authority of Singapore said Hyperliquid falls outside its jurisdiction and regulatory supervision because it is decentralized.
- Hyperliquid's team of approximately 11 people relocated to Singapore in 2024 under co-founder Jeff Yan.
- Hyperliquid never applied for an operating license with the Monetary Authority of Singapore, according to the Financial Times.
- MAS placed Hyperliquid on its crypto warning list on June 26, warning users about regulatory assumptions.
- Singapore has previously required crypto firms serving overseas customers to either secure licenses or halt operations.
Sources · 4 sources
- BS
BSCN@BSCNewsPost on X ·
Hyperliquid’s Singapore Status Raises New Questions Hyperliquid (@HyperliquidX) is registered in Singapore, but the country’s financial regulator reportedly does not consider it under its jurisdiction. The platform’s team of about 11 people relocated to Singapore in 2024 under co-founder Jeff Yan. Hyperliquid never applied for a license from Singapore’s Monetary Authority, according to the Financial Times. MAS added Hyperliquid to its crypto warning list on June 26, cautioning users about regulatory assumptions. The platform says its permissionless infrastructure keeps users in control of their funds. Singapore has previously required crypto firms serving overseas customers to obtain licenses or stop operating. Source: Financial Times
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 TODAY: Hyperliquid tells the Financial Times it is officially registered in Singapore, but Singapore's MAS says the platform falls outside its jurisdiction because it's decentralized. https://t.co/ex1hHl6hrb
Open source - TE
Techmeme@TechmemePost on X ·
Sources: Singapore distances itself from regulating Hyperliquid, citing its "decentralized nature", even as the crypto futures DEX confirms it is based there (@owenwalker0 / Financial Times) (Visit Techmeme dot com for the link and full context!)
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Hyperliquid has said it is registered in Singapore Hyperliquid told Financial Times that it is officially registered in Singapore, although Singapore’s financial regulator, MAS, says it does not oversee the platform because Hyperliquid is decentralized, meaning the exchange is not currently under its regulatory supervision.
Open source