Hyperliquid Seeks US Access as Binance HYPE Withdrawals Stall

Hyperliquid Strategies has filed to register its subsidiary HypeStrat Markets as a futures commission merchant with the CFTC, a first step toward offering US access to its perpetual futures exchange. The move comes as Binance has paused HYPE withdrawals, leaving traders unable to move the token off the exchange. Hyperliquid's native HYPE token and its on-chain derivatives venue have grown rapidly, with the platform's total value locked and perp volumes among the largest in decentralized derivatives. The FCM registration would let Hyperliquid serve US institutional and retail clients under federal oversight, a segment largely closed to offshore perp DEXs. Watch for CFTC approval timing and whether Binance restores HYPE withdrawals, which could ease cross-exchange liquidity and arbitrage.