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Hyperliquid Labs says it is based in Singapore, but that does not mean Singapore’s financial regulator supervises the Hyperliquid protocol or its decentralized exchange. A report relaying the Financial Times says people familiar with the Monetary Authority of Singapore’s thinking view the protocol’s decentralized nature as placing it outside the regulator’s scope. That account is not a direct, on-record MAS statement about Hyperliquid.
How can Hyperliquid be based in Singapore but outside MAS’s scope?
The apparent contradiction comes from treating three different things as though they were one: a company’s location, a blockchain network’s structure, and a regulator’s jurisdiction over particular financial services.
Hyperliquid Labs’ stated base
In a May 21, 2025 submission to the U.S. Commodity Futures Trading Commission, Hyperliquid Labs described itself as “based in Singapore” and as “a core contributor to the Hyperliquid general-purpose layer-one blockchain.” This is the company’s statement about its own base and role; it does not establish that MAS regulates the network or exchange application.
The protocol and exchange application
Hyperliquid is the blockchain network, while the Hyperliquid DEX is an application operating at protocol level. A 21Shares US LLC registration statement filed with the U.S. Securities and Exchange Commission describes the DEX as a decentralized perpetual-futures platform with an on-chain order book. That technical description is not a determination of how Singapore law applies.
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The reported MAS view
BlockBeats, relaying a Financial Times report, says people familiar with MAS’s thinking regard Hyperliquid’s decentralized nature as putting it outside Singapore’s regulatory scope. The rationale should be understood as attributed reporting from unnamed sources, not as a public MAS ruling or a direct quotation from a named regulator.
What Singapore’s public guidance says about DeFi and crypto derivatives
Singapore’s government investor-education service MoneySense says MAS does not license or regulate DeFi applications. Its guidance also says that MAS regulations on crypto derivatives currently apply only to derivatives listed on Approved Exchanges. This is general guidance, not a platform-specific decision about Hyperliquid.
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The distinction matters because a company’s Singapore base alone does not answer whether a particular service falls within a regulatory regime. The relevant questions include what service is being offered, how it is provided, and whether it falls under rules applying to a regulated intermediary or an exchange covered by the relevant requirements. The available public guidance does not itself resolve every possible legal question about Hyperliquid’s operations or users.
What does the Investor Alert List entry mean?
Hyperliquid announced that it had been added to MAS’s Investor Alert List. In its statement, Hyperliquid said the entry “does not constitute a ban, an enforcement action, or a finding of wrongdoing.” It also said it “is not, and has never claimed to be, licensed or authorised by MAS.” Those are the company’s characterizations; the listing should not be read as proof that MAS has authorized the platform, nor by itself as a ban or finding of misconduct.
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MoneySense cautions generally that MAS protections do not shield consumers from losses in digital-token markets or from a provider’s collapse. A Singapore connection should therefore not be treated as a guarantee of regulatory protection or a route to compensation if a user loses money.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What users should understand about Hyperliquid’s perpetual futures
The SEC-filed registration statement describes Hyperliquid DEX trading as involving leveraged long and short positions, margin requirements, and funding payments. Leverage magnifies exposure relative to the funds committed: price movements against a position can consume its margin and lead to liquidation. Funding payments can also affect the cost of holding a position. MoneySense warns generally that crypto derivatives are volatile and leveraged, and that users may lose their funds.
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The same filing reported $1.5 billion in total value locked as measured on December 31, 2025. That is a dated figure in a 2026 filing, not a live value or a measure of regulatory status, safety, or user protection.
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What the available information does—and does not—establish
- Established: Hyperliquid Labs said in its May 2025 CFTC submission that it is based in Singapore.
- General policy: Singapore’s public guidance says MAS does not license or regulate DeFi applications and that its current crypto-derivatives rules apply only to derivatives listed on Approved Exchanges.
- Reported, not an on-record ruling: The account that MAS views Hyperliquid’s decentralized nature as placing it outside its scope comes through reporting citing unnamed people familiar with the regulator’s thinking.
- Not established by these facts: That Hyperliquid is licensed by MAS, that its Singapore base brings the DEX under MAS supervision, or that the Investor Alert List entry is a ban or finding of wrongdoing.
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