Hyperliquid has confirmed a Singapore base while the Monetary Authority of Singapore (MAS) has made clear it does not view the decentralized derivatives venue as within its regulatory remit. The company’s roughly 11-person team, led by co-founder Jeff Yan, relocated to Singapore in 2024 but did not apply for MAS authorization. On June 26, 2026 MAS added Hyperliquid to its Investor Alert List, a public warning that the platform is unlicensed rather than a prohibition, and noted it is not aware of Hyperliquid being regulated by any significant jurisdiction.
Hyperliquid describes itself as permissionless infrastructure: users retain custody of their funds and trades settle on-chain. MAS and observers distinguish the nature of crypto derivatives offered on MAS-approved exchanges from those on decentralized venues, which informs the regulator’s stance. For traders the practical implications center on risk and consumer protections: operating status is unchanged, but users of an unlicensed venue rely on protocol design and their own judgment rather than the protections that come with a regulated exchange. Reports also note HYPE trading at $91.64, down 3% in 24 hours, and point to broader regulatory activity such as CFTC rule proposals motivated by the $8 billion FTX fraud.