Hyperliquid Confirms Singapore Base but Says It Has No MAS License

Hyperliquid has acknowledged that it operates from Singapore but does not possess a licence from the Monetary Authority of Singapore (MAS), according to the company. The Financial Times reported that individuals familiar with MAS's approach regard the decentralized trading venue as falling beyond the regulator's jurisdiction.

Singapore's regulatory framework makes a distinction between crypto derivatives that are listed on exchanges the MAS has approved and those provided through other channels, the FT noted. That difference in treatment appears central to the regulator's assessment of whether a given platform or product falls under its remit.

The FT's reporting attributed the jurisdictional view to people briefed on MAS's thinking rather than to an official MAS statement. Hyperliquid's confirmation of a Singapore base combined with its lack of a MAS licence underscores the legal gray area that can surround decentralized venues and crypto derivatives when platform architecture and product distribution do not match traditional exchange models.

Further details about Hyperliquid's operations, the specific nature of the derivatives it offers, or any formal regulatory response from MAS were not included in the FT excerpt provided.