Hyperliquid has been placed on the MAS "Gray List": what this means for the DeFi sector
On June 26, the Monetary Authority of Singapore (MAS) added the Hyperliquid platform — a popular perp-DEX — to its Investor Alert List (IAL). The official website of the Hyper Foundation was also included in this list. The regulator warns that these services may be mistakenly perceived by users as licensed entities.
It is important to emphasize: inclusion in the IAL is not a ban on operations or the start of enforcement measures. Rather, it is a formal signal for investors. MAS maintains such a list to reduce the risk of confusion: many crypto platforms appear externally to be regulated but in fact do not have a Singapore license.
The Hyperliquid team responded promptly, stating that the platform has never claimed to be a MAS-licensed entity. The official statement emphasizes: "Hyperliquid is public infrastructure. Nothing changes on-chain. Users self-custody their assets, and transactions are processed transparently, just like any other open blockchain."
Notably, since the beginning of summer, major centralized exchanges KuCoin and Bitget have also been added to a similar list. This indicates a systematic approach by the Singapore regulator: it is consistently tightening control over all crypto services operating with local users.
Let me remind you that back in June 2025, MAS required all crypto companies to obtain a Digital Payment Token service license. Those who do not meet the requirements must cease servicing clients from Singapore. This is part of a global trend: regulators worldwide are striving to bring the DeFi sector within the framework of traditional financial oversight.
My comment as an analyst: The inclusion of Hyperliquid in the IAL does not pose a direct threat to the platform, but it is a clear signal to the market. DeFi projects targeting an international audience will either have to formally register in jurisdictions with strict requirements or completely stop servicing residents of those countries. Hyperliquid, as a non-custodial protocol, is in a more advantageous position than CEXs, but pressure will increase. Users should pay closer attention to jurisdictional risks even when working with decentralized platforms.