MAS warns: Hyperliquid added to Singapore's 'grey list'
On June 26, the Monetary Authority of Singapore (MAS) expanded its Investor Alert List (IAL) to include the website of the decentralized exchange Hyperliquid and its associated portal, the Hyper Foundation. This regulatory action is not a direct ban, but it serves as a strong signal to the market: the platform could be mistakenly perceived as licensed, which misleads investors.
Hyperliquid is a perpetual DEX (perp-DEX) operating on its own blockchain, offering perpetual contracts with high speed and low fees. The project has attracted significant attention from the crypto community due to its architecture and the absence of traditional intermediaries. However, it is precisely its decentralized nature and lack of clear jurisdiction that place it in a zone of regulatory risk.
The Hyperliquid team responded promptly, stating that inclusion in the IAL is neither a ban on operations nor an enforcement measure. They emphasized that the platform has never claimed to hold a MAS license and is a public infrastructure where users self-custody their assets.
This move by MAS is part of a broader trend. Since the beginning of summer 2026, the regulator has already added centralized exchanges such as KuCoin and Bitget to the list. It is worth recalling that in June 2025, MAS mandated that all crypto companies dealing with Singaporean clients obtain a Digital Token Service Provider license, or else cease servicing non-residents.
My analysis: The inclusion of Hyperliquid on the MAS "gray list" is not merely a formality. It is a clear signal that regulators are beginning to scrutinize decentralized platforms more closely, which previously operated in a "gray zone." For traders, this means heightened caution is necessary: dealing with unregulated DEXs may carry not only technical but also regulatory risks, especially if you are in a jurisdiction with strict requirements.