- Hyperliquid is registered in Singapore but has never applied for an MAS license.
- MAS added Hyperliquid to its warning list on June 26; the listing is not a ban.
- Hyperliquid says users retain their funds, while Samani disputes its permissionless claim.
Hyperliquid has confirmed its registration in Singapore but has never applied for a license from the Monetary Authority of Singapore. Although its team works in the city-state, MAS reportedly does not consider the decentralized trading platform within its jurisdiction.
Co-founder Jeff Yan and his team moved to Singapore in 2024. The group comprises about 11 people, giving Hyperliquid a local presence without a license from the country’s financial regulator.
MAS Warning List Clarifies Hyperliquid’s Status
MAS highlighted that gap on June 26, when it added Hyperliquid to its warning list. The list identifies businesses that the public might mistakenly believe the regulator oversees. The entry warns users about the platform’s regulatory status; it does not constitute a ban. After the listing, Hyperliquid said it provides permissionless infrastructure and lets users retain control of their funds.
The company also said its trades settle on-chain. These features support its description of the platform as decentralized, a design that the FT cited in explaining MAS’s reported position on jurisdiction.
However, Hyperliquid’s permissionless claim drew criticism days later from Kyle Samani, chairman of Forward Industries. “Hyperliquid is not permissionless. Stop gaslighting the public,” he said.
Samani’s remarks challenged the company’s description of its infrastructure, while the MAS listing addressed concerns that users might mistakenly assume the platform is subject to regulatory oversight.
Singapore Tightens Rules for Overseas Crypto Services
The discussion comes against the backdrop of Singapore’s licensing requirements for locally based crypto firms that serve only overseas customers. MAS gave those businesses until June 30, 2025, to obtain licenses or stop the relevant activities.
The regulator also said it would generally not grant those licenses. According to law firm CMS, the rules cover activities including operating exchanges, brokering trades and holding customer assets.
Customer custody also features in Hyperliquid’s explanation of its operations. The platform says users hold their own funds while transactions settle on-chain. The FT linked that decentralized structure to MAS’s reported view that the platform falls outside its jurisdiction.
Perpetual Futures Raise Separate Consumer Concerns
Beyond the licensing discussion, the FT coverage highlighted concerns about Hyperliquid’s perpetual futures, which offer leveraged trading and speculation on global assets.
The concerns described in the supplied material include sudden financial losses and a lack of traditional consumer safeguards. Consumer advocates cited in the coverage characterized perpetual futures as the most dangerous product in crypto, directing their criticism toward the trading products available through the platform.
Related: Hyperliquid Eyes US Comeback With Regulated Perpetual Futures Deal
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