Who Regulates Hyperliquid? Jurisdiction Dispute in Its Country of Registration

According to the Financial Times, Hyperliquid Labs has confirmed that it is based in Singapore, while Singapore’s regulator considers the platform outside its jurisdiction because of its decentralized structure.

A Financial Times (FT) report cited by Wu Blockchain said the Monetary Authority of Singapore (MAS) was not aware of Hyperliquid being regulated in any major jurisdiction. Sources familiar with the agency’s approach said the view is that the platform should not be considered Singapore-based because of its decentralized structure and should remain outside MAS’s jurisdiction.

By contrast, Hyperliquid Labs confirmed to the FT that it is based in Singapore. Company documents reviewed by the newspaper also list Singapore as its registered headquarters.

The company’s headquarters and the platform’s oversight are separate issues

The central question in the report is not where the company is registered, but which regulator has jurisdiction over the platform’s activities. The approach attributed to MAS focuses on Hyperliquid’s decentralized structure.

MAS had previously warned investors that perpetual futures on Hyperliquid are not regulated by the agency. The new information reported by the FT brings the jurisdictional assessment behind that warning into focus.

Hyperliquid’s statement on licensing

Hyperliquid said it is not licensed or authorized by MAS and has never claimed otherwise. The company also said it would continue to engage constructively with regulators.

The company’s confirmation that it is present in Singapore and the platform’s regulatory status do not answer the same question; this distinction between the statements is important, particularly for investors who use futures.