MAS places Hyperliquid on the "alert list": what lies behind the decision of the Singapore regulator
On June 26, the Monetary Authority of Singapore (MAS) officially added the decentralized exchange Hyperliquid's website and the Hyper Foundation's organization portal to its Investor Alert List (IAL). This is a list of services that the regulator believes may be mistakenly perceived as holding an MAS license.
Inclusion in the IAL is not a ban on operations or an enforcement measure. However, it is a strong signal to the market: MAS warns investors that these platforms have not undergone its licensing procedures and are not under direct supervision.
The Hyperliquid team responded promptly and thoughtfully. In an official statement, it emphasized that the IAL includes many major exchanges and DeFi protocols. "Hyperliquid is a public infrastructure. We have never claimed to have an MAS license, and no one should perceive us as such. Nothing has changed on the network: users hold their own assets, and transactions are transparent," platform representatives noted.
As a reminder, since the beginning of summer, centralized exchanges KuCoin and Bitget have been added to a similar list. This indicates a consistent tightening of MAS's stance on crypto services operating with Singaporean users without a local license. In June 2025, the regulator required all crypto companies to obtain a digital token service provider license, or else they face the termination of services to foreign clients.
Expert commentary: The inclusion of Hyperliquid in the IAL is a logical step within the global trend of regulators distinguishing between licensed and unlicensed platforms. However, for DeFi protocols operating on principles of self-custodial storage and open access, this is more of a warning shot than a direct threat. The market should expect other jurisdictions to follow Singapore's example, increasing pressure on the DeFi sector.