Singapore's regulator has included Hyperliquid in its list of risky platforms: what this means for DeFi
The Monetary Authority of Singapore (MAS) updated its "Investor Alert List" on June 26, adding the website of decentralized exchange Hyperliquid and the portal of the Hyper Foundation organization. This regulatory action underscores the growing attention authorities are paying to DeFi protocols that may mislead users regarding their regulated status.
It is important to understand: inclusion in this list is not a direct ban on operations or the start of enforcement measures. It is a preventive step aimed at informing the public that these platforms do not have a MAS license and should not be perceived as regulated financial institutions. As the Hyperliquid team itself rightly noted, the regulator's list already includes many major exchanges and DeFi protocols, and nothing changes for the network — users still self-custody their assets, and transactions remain transparent.
Context and Implications
This event occurs against the backdrop of tightening rules in Singapore. Recall that as early as June 2025, MAS mandated that all crypto companies obtain a digital token service provider license, or otherwise cease servicing foreign clients. Since the beginning of summer, centralized exchanges KuCoin and Bitget have already been added to the "blacklist," demonstrating the regulator's consistent approach.
For Hyperliquid, as one of the leaders in the perp-DEX segment, this is more of a reputational signal than a practical threat. However, it serves as a reminder for the entire industry: even fully decentralized protocols are not immune to regulatory scrutiny, as authorities seek to protect retail investors from potential risks.
My professional opinion: This move by MAS is part of a global trend where regulators are beginning to more actively "flag" unlicensed DeFi projects. For Hyperliquid, this is not fatal, as their business model was never built on obtaining a Singapore license. However, other protocols targeting the Asian market should consider proactive compliance to avoid ending up on a similar list without the possibility of appeal.