Singapore MAS Says Hyperliquid May Be Outside Its Jurisdiction Amid Dispute Over Headquarters

Hyperliquid, a decentralized derivatives platform widely described as being headquartered in Singapore, may fall outside the regulatory jurisdiction of the city-state's financial authorities.

U.Blockchain reported on October 6, citing the Financial Times, that the Monetary Authority of Singapore said it has not determined whether Hyperliquid is regulated in any major jurisdiction. MAS had previously warned investors that the perpetual futures products offered by Hyperliquid do not come under its oversight.

People cited by the FT said MAS does not view Hyperliquid as being based in Singapore because of what it sees as the platform's decentralized nature. As a result, the regulator does not consider the platform to be within its jurisdiction.

Hyperliquid has taken a different view. Hyperliquid Labs told the FT that the company is based in Singapore. Corporate documents reviewed by the FT also listed Singapore as Hyperliquid's registered headquarters.

Hyperliquid said it has not received a license or authorization from MAS and has never claimed otherwise. The company added that it would work constructively with regulators.

The case highlights a broader question about how to determine the true operating base and regulatory jurisdiction of crypto platforms that present themselves as decentralized. Even if a company's legal registration is in Singapore, whether local rules apply may still depend on how decentralized the platform's operating structure is.