Investor Alert: Singapore's MAS has added Hyperliquid to its list of risky platforms
On June 26, the Monetary Authority of Singapore (MAS) expanded its "Investor Alert List" to include the website of the decentralized exchange Hyperliquid and the associated portal of the Hyper Foundation. This regulatory action aims to protect local investors from platforms that may be mistakenly perceived as having a MAS license.
What does this mean for Hyperliquid?
It is important to emphasize that inclusion in this list is not a ban on operations or the start of enforcement measures. MAS is not accusing Hyperliquid of violating the law. As representatives of the platform themselves explained, this list is more of an informational tool that includes many major centralized exchanges (recall KuCoin and Bitget, added earlier this summer) and DeFi protocols.
The Hyperliquid team emphasizes that their platform is a publicly accessible infrastructure that has never claimed to have a license or authorization from MAS, and no one should perceive it as such. "Nothing has changed on the network. As with other open-access blockchains, users store assets themselves, and transactions are processed transparently," the developers noted.
Context and consequences
This MAS decision is part of a broader trend of tightening regulation of the cryptocurrency sector in Asia. Recall that back in June 2025, the regulator required all crypto companies wishing to serve clients outside the country to obtain a digital token service provider license. Otherwise, they face the termination of services to foreign users from Singapore.
The inclusion of Hyperliquid on the "gray list" serves as a clear signal to the DeFi sector: regulators are beginning to more actively monitor decentralized protocols that previously could operate in a legal "gray area." For traders, this means that when working with such platforms, they should exercise increased caution and understand that they are not protected by state licensing mechanisms.
My expert assessment: Although Hyperliquid is not violating current rules, inclusion in the MAS list creates reputational risks. For institutional investors in Singapore, this could become a "red flag," limiting access to the protocol's liquidity. In the long term, we will likely see attempts by Hyperliquid and other DeFi projects to obtain licensing "sandboxes" or adapt to local requirements so as not to lose the Asian market.