MAS places Hyperliquid on the "gray list": what this means for DeFi platforms
The Monetary Authority of Singapore (MAS) continues to tighten the screws on cryptocurrency platforms operating without a local license. On June 26, the popular perp-DEX Hyperliquid, along with the website of its associated organization Hyper Foundation, was added to the so-called "Investor Alert List" (IAL).
It is important to understand that inclusion in the IAL is not a direct ban or sanction. It is more of a "yellow card": the regulator warns investors that these services may be mistakenly perceived as licensed, even though they do not have MAS approval. The Hyperliquid team responded promptly, emphasizing that the platform never claimed to be a licensed entity and is not changing its operating model.
Notably, since the beginning of summer, centralized exchanges KuCoin and Bitget have also landed on this same list. This indicates a systematic approach by the Singaporean regulator: it makes no distinction between CEX and DEX if they do not comply with local legislation.
Let me remind you that in June 2025, MAS tightened requirements, mandating that all crypto companies obtain a license as a provider of digital token services. Those that did not must cease servicing clients from Singapore. Hyperliquid, being a fully decentralized infrastructure, exists in a legal "gray area" — and this case clearly demonstrates how traditional regulators are trying to fit old rules onto new technological realities.
My comment: The inclusion of Hyperliquid in the MAS list is a precedent that sets an alarming trend for the entire DeFi sector. Regulators will increasingly use such tools not for a direct ban, but to create reputational risks. For platforms that have no legal entity and operate through smart contracts, this could become a serious challenge, as the trust of institutional investors in them will be undermined.