Singapore's regulator MAS has included Hyperliquid in its investor alert list.
On June 26, the Monetary Authority of Singapore (MAS) added the decentralized exchange Hyperliquid and the website of the Hyper Foundation organization to its "Investor Alert List." This list includes platforms that may be mistakenly perceived by users as licensed or regulated entities.
It is important to understand: being on this list is not a direct ban on operations or the start of enforcement actions. However, it is a serious signal to the market, indicating that MAS does not confirm the legality of these services operating within its jurisdiction. Hyperliquid itself responded cautiously, emphasizing that they never claimed to have a Singapore license or to be a regulated platform. The team described itself as "public infrastructure," where users independently store assets and conduct transactions.
As a reminder, since the beginning of summer, centralized exchanges KuCoin and Bitget have also been added to a similar list. This is part of a broader campaign by MAS to tighten control: back in June 2025, the regulator required all crypto companies working with clients from Singapore to obtain a digital token service provider license. Otherwise, they face the termination of services for foreign users.
My analysis: The inclusion of Hyperliquid in this list is not a coincidence but a logical step. DeFi platforms, especially large ones like Hyperliquid, operate in a gray area: they offer financial services but do not have a traditional license. For regulators, this is a red flag, even if the platform is technically decentralized. Investors should consider that working with such services involves increased risk—not only market risk but also regulatory risk. In the coming years, we will likely see more jurisdictions following Singapore's example, requiring DeFi projects to be transparent and licensed.