Hyperliquid Labs confirmed its registered headquarters in Singapore, where its small development team relocated in 2024, even as the Monetary Authority of Singapore said it had no record of the platform being regulated in any major jurisdiction. The regulator added Hyperliquid to its Investor Alert List on June 26, describing it as an unlicensed entity that investors might mistakenly assume is authorized. In a direct response to the Financial Times, MAS stated, “We are not aware that Hyperliquid is regulated in any major jurisdiction.” The company acknowledged its unregulated status and said it had never claimed to hold permission from MAS, while expressing willingness to cooperate with authorities. Singapore requires overseas token service providers to obtain a license or cease operations by June 30, 2025, a deadline that applies to platforms serving customers outside the country. Hyperliquid’s Singapore presence includes its core development team of roughly 11 people, a fact documented in company filings and recent job postings that specified the office location. The platform’s decentralized architecture was cited by MAS as a reason it falls outside the regulator’s jurisdiction. Meanwhile, Payward announced plans to launch regulated perpetual markets based on Hyperliquid’s infrastructure, subject to approval and limited to U.S. customers who meet specific onboarding requirements. The proposal relies on Bitnomial Exchange for contract administration and clearing, with trades executed through Hyperliquid’s on-chain order book. Regulatory pathways for such offerings remain complex, with potential oversight from both the CFTC and SEC, and any approval process could take 10 to 12 months. The situation reflects broader tensions between decentralized finance models and emerging regulatory frameworks in key financial hubs.