Crypto news

On June 26, the Monetary Authority of Singapore (MAS) added two new addresses to its Investor Alert List: the website of the decentralized exchange Hyperliquid and the portal of the Hyper Foundation organization. This move is part of the regulator's consistent policy to combat unlicensed financial services that could mislead consumers.

It is important to emphasize: inclusion in this list is not a ban on activity or the start of sanctions proceedings. As Hyperliquid representatives explained, it is merely a labeling of platforms that could be mistakenly perceived as having a MAS license. "Hyperliquid is a public infrastructure. It has never claimed a license or authorization from MAS, and no one should consider it as such," the protocol team stated.

Notably, since the beginning of summer, major centralized exchanges such as KuCoin and Bitget have also been added to this same list. This indicates a systematic approach by the Singaporean regulator: it makes no distinction between CEX and DeFi protocols if they operate within its jurisdiction without the appropriate permission.

Recall that back in June 2025, MAS required all crypto companies to obtain a license as a digital token service provider. Otherwise, they face termination of services to clients from Singapore. Hyperliquid, being a fully decentralized platform where users themselves store assets and control transactions, has no physical office in the country, making its status ambiguous under local law.

My analysis: The inclusion of Hyperliquid in the MAS list is a preventive step, not a punitive measure. However, it signals to the market that even advanced DeFi protocols are not immune to regulatory pressure. For now, it is merely a warning, but if MAS begins to require such platforms to block users from Singapore, it would create a dangerous precedent for the entire industry. The DeFi sector will either have to adapt to local requirements or risk losing access to major Asian markets.