Hyperliquid Labs has confirmed that it is based in Singapore, the Financial Times reported. The company is a core developer of Hyperliquid, the blockchain used for trading perpetual futures.
The FT cited people familiar with the Monetary Authority of Singapore’s thinking who said the regulator viewed the blockchain’s decentralized nature as placing it outside its jurisdiction. That account does not establish a formal regulatory exemption for Hyperliquid Labs.
The Company and Blockchain Are Separate
Labs’ Singapore connection was already documented publicly. In a May 2025 submission to the US Commodity Futures Trading Commission, the company described itself as based in Singapore and identified its role as a contributor to the blockchain.
Hyperliquid’s own documentation says Labs leads core development, with other teams contributing to the network and its ecosystem. The company’s location does not establish that the blockchain itself is registered or headquartered there.
What the Regulatory Warning Means
MAS lists Hyperliquid on its Investor Alert List. The register identifies entities that people may mistakenly believe are licensed or otherwise regulated by the authority. Inclusion alone does not establish a licensing violation.
Singapore tightened its rules for certain digital token service providers serving only overseas customers from June 30, 2025. Covered providers need a licence to continue those regulated activities.
Whether such requirements apply depends on the services provided and the applicable legal framework. A development team’s presence in Singapore alone does not settle that question.
Self-custody also does not automatically remove licensing obligations. MAS’s payment-services framework covers certain exchange-facilitation activities even where providers never possess customer funds.
Editor’s note — October 7, 2026: An earlier version incorrectly described Hyperliquid as registered in Singapore, conflating the blockchain with Hyperliquid Labs. We removed the unsupported claim that it had never applied for a MAS licence and the characterization of decentralization as the “biggest concern.”
