FT · 2026-10-06 21:00 UTC

'Most dangerous product in crypto' vexes Singapore

Hyperliquid Labs, known for offering perpetual futures derivatives called 'perps', has become one of crypto's hottest companies but is raising regulatory concerns in Singapore. Consumer advocates call perps 'the most dangerous product in crypto' due to their highly leveraged structure; the Monetary Authority of Singapore warned in June it does not regulate Hyperliquid's perps. Hyperliquid confirmed it is based in Singapore despite MAS believing the company's decentralized nature means it should not fall under its jurisdiction; the regulator is wary following past crypto collapses like…

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