Key Highlights:
- Hyperliquid Strategies has applied to register its subsidiary HypeStrat Markets as a US futures commission merchant.
- The proposed registration would allow the subsidiary to carry US client accounts for permissioned markets under HIP-3.
- Binance has resumed withdrawals for more assets, but HYPE remains absent from its latest recovery update.
- The application remains subject to regulatory approval, while Binance has not announced a date for HYPE withdrawals to resume.
Hyperliquid Strategies has applied to register its subsidiary, HypeStrat Markets, as a futures commission merchant in the US. The Nasdaq-listed company said the proposed registration would allow it to handle accounts for US customers trading on permissioned markets under Hyperliquid’s HIP-3 framework. The news comes as Binance continues to restore withdrawals following its October security incident. The exchange has reopened withdrawals for several cryptocurrencies, but HYPE is still unavailable.
Hyperliquid Strategies Applies For US Futures Commission Merchant Registration
Hyperliquid Strategies announced on November 5 that its subsidiary, HypeStrat Markets, had applied to register as a futures commission merchant (FCM) through the National Futures Association (NFA). FCMs handle customer funds and transactions involving futures and other derivatives, and are regulated by the Commodity Futures Trading Commission (CFTC). If approved, the registration would allow HypeStrat Markets to handle accounts for US customers trading on permissioned markets under Hyperliquid’s HIP-3 framework. CEO David Schamis said the application was part of the company’s plan to bring these markets to the US.
Strategies said there is no assurance about the timing or outcome of the application. Any proposed activity would also depend on regulatory approval for the relevant permissioned markets. The distinction matters because Hyperliquid’s existing platform and the proposed US-facing arrangement are not the same thing. Hyperliquid is a blockchain-based trading platform known for perpetual futures, while Hyperliquid Strategies is a separate publicly traded company that buys, holds and stakes HYPE. The subsidiary’s application is an attempt to establish a regulated role for the company in the proposed US setup, rather than an announcement that the underlying protocol has received a US operating licence.
Under theHIP-3 framework, independent deployers can create and operate perpetual futures markets on Hyperliquid. They are responsible for defining markets and managing features such as oracle prices and leverage limits. The standard framework requires deployers to stake 500,000 HYPE on mainnet. The company’s quarterly presentation also outlined an additional permissioned-market approach, referred to as HIP-3*. It would use an allowlist to restrict participation to approved customers. Hyperliquid Strategies said the proposed arrangement would sit above Hyperliquid’s existing infrastructure and would be subject to regulatory approval. Itsquarterly filing and presentation provide further details about the proposed structure.
Binance Resumes More Withdrawals, But HYPE Remains Unavailable
The registration news comes as Binance continues restoring withdrawal services after a security incident that led the exchange to temporarily suspend withdrawals. Binance said on October 30 that unauthorized withdrawals from its hot wallets had resulted in losses of approximately $6.3 billion. The exchange said it would cover the financial impact and began restoring services in stages after carrying out additional security checks. On November 6, Binance published its ninth recovery update, listing more assets scheduled to regain withdrawal support across nine networks. The list included tokens on BNB Smart Chain, Ethereum, Base, Optimism, Polygon, Arbitrum, Avalanche, Tron and Sui. However, Hyperliquid’s HYPE token was not among the assets named in thelatest update.
HYPE was trading below $80 in reports published on November 6, although the price movement should not be treated as a direct result of the withdrawal restriction. Meanwhile, Hyperliquid’s HIP-3 markets have continued recording substantial activity. The figures shared in the manager’s post put daily HIP-3 trading volume at $9.15 billion, alongside 104,900 active users. These figures provide context for activity on the protocol, but they do not establish a connection between Binance’s withdrawal schedule and the company’s registration application.
