what teeth do they have to enforce this? hyperliquid is "banned" in the USA, but i imagine a VPN can can get you around that ban
As much teeth as they want to have. If you're having to center your business model around using a VPN to avoid regulation, you're opening the door to a great white shark.
yes I know people definitely get around this with hyper but I'd be scared in case they ever tried to kyc or something.