MAS adds Hyperliquid to its 'red list': a warning for DeFi users
On June 26, the Monetary Authority of Singapore (MAS) added the website of the decentralized exchange Hyperliquid to its Investor Alert List (IAL). This list includes services that may be mistakenly perceived as licensed by the regulator. Along with the Hyperliquid platform, the website of the Hyper Foundation organization was also added to the list.
What does this mean for Hyperliquid?
It is important to emphasize: inclusion in the IAL is not a ban on activity or a sanction. As representatives of the exchange themselves explained, it is merely a notification to investors that this service does not have and has never claimed to have a MAS license. The Hyperliquid team stressed that nothing has changed on the network: users still self-custody their assets, and all transactions are processed transparently. "Hyperliquid is public infrastructure, like many other blockchains," they added.
Context and our conclusions
Since the beginning of summer, major centralized exchanges such as KuCoin and Bitget have also been added to a similar list. This is no coincidence: since June 2025, MAS has required all crypto companies working with Singaporean users to obtain a digital token service provider license. Otherwise, they must cease servicing clients from this jurisdiction.
My analysis: MAS's actions are a clear signal to the market: the regulator intends to strictly control all cryptocurrency services, including DeFi protocols. Hyperliquid, being a perpetual DEX with high liquidity, has found itself at risk due to its popularity. However, for users, this is not so much a threat as a reminder: if you trade on an unlicensed platform from Singapore, you do so at your own risk. The regulator warns but does not block — at least for now.