MAS adds Hyperliquid to the warning list: what is behind the regulator's decision?
On June 26, the Monetary Authority of Singapore (MAS) added the website of the decentralized exchange Hyperliquid, as well as the resource of the Hyper Foundation organization, to its "Investor Alert List" (IAL). This list includes services that may be mistakenly perceived by users as licensed and regulated within Singapore's jurisdiction. This is not about a ban or direct sanctions, but about a preventive measure to protect retail investors.
Hyperliquid team's response and context
Protocol representatives promptly responded, explaining that inclusion in the IAL is not equivalent to a blockade or recognition of illegal activity. They emphasized that Hyperliquid is an open, public infrastructure that has never claimed to hold a MAS license. The team noted that many major centralized exchanges and DeFi protocols are already on the list, and that nothing changes for network users: assets remain under their own control, and transactions are processed transparently.
"The regulator's list includes many major exchanges and DeFi protocols. Hyperliquid is a public infrastructure. It does not have and has never claimed to have a license or authorization from MAS, and no one should consider it as such," the platform team stated.
Notably, since the beginning of summer, giants such as centralized exchanges KuCoin and Bitget have also been added to the IAL list. This indicates a systematic approach by MAS towards platforms operating without a local license but accessible to Singaporean users.
My analysis: a signal for the DeFi sector
MAS's actions are not just a formality. In June 2025, the regulator tightened rules, requiring crypto companies to obtain a license as a digital token service provider, otherwise they face termination of services to foreign clients. The inclusion of Hyperliquid in the IAL is a clear signal to the market: even fully decentralized protocols are not beyond the regulator's purview. In my view, this is a precursor to future requirements for DeFi projects to implement user verification mechanisms or geo-blocking if they want to avoid reputational risks and potential restrictions in the future. Investors should pay closer attention to jurisdictional risks, even when working with "non-custodial" solutions.