Investor Alert: Singapore's MAS has added Hyperliquid to the warning list
The Monetary Authority of Singapore (MAS) continues to tighten control over the cryptocurrency market. On June 26, the regulator added the website of the decentralized exchange (perp-DEX) Hyperliquid and the website of the Hyper Foundation organization to its so-called "Investor Alert List" (IAL). This is a list of services that may be mistakenly perceived as licensed or regulated by MAS.
Inclusion in the IAL is not a ban on activity or the application of enforcement measures. However, it is a strong signal to the market: the regulator believes the platform operates outside its jurisdiction and does not have the appropriate permission. For investors, this means increased risks and a lack of protection from Singapore's financial oversight.
The Hyperliquid team responded promptly, emphasizing that they do not claim to have an MAS license and have not stated that they possess one. "Hyperliquid is a public infrastructure. Nothing has changed in the network. As with other open-access blockchains, users store their own assets, and transactions are processed transparently," the platform explained. They also noted that major players such as centralized exchanges KuCoin and Bitget, added at the beginning of the summer, are already on the list.
This step by MAS is part of a consistent policy on regulating digital assets. I recall that back in June 2025, the regulator required all crypto companies serving clients abroad to obtain a license as a digital token service provider. Otherwise, they face the termination of their activities.
My expert opinion: The inclusion of Hyperliquid in the IAL is not so much an attack on the protocol itself, but rather a show of force and a desire by MAS to clearly define the boundaries of its jurisdiction. For DeFi users, this is a reminder: "unregulated" does not mean "safe" or "above the law." Platforms that want to work with Singaporean clients will either have to find a compromise with the regulator or clearly block access from the country's territory. Ignoring such signals means risking sudden restrictions.