Hyperliquid has been placed on the "alert list" by Singapore's regulator: what this means for DeFi
On June 26, the Monetary Authority of Singapore (MAS) added the websites of the perpetual DEX Hyperliquid and the Hyper Foundation organization to its Investor Alert List (IAL). This list contains services that may be mistakenly perceived by users as being licensed by the regulator.
It is important to emphasize: inclusion in the IAL is not a ban on activity or the start of enforcement measures. It is a preventive signal for investors, warning that the platform has not undergone the MAS licensing procedure. The Hyperliquid team itself responded promptly, stating that "many major exchanges and DeFi protocols are on the regulator's list." They also stressed that Hyperliquid is a public infrastructure that has never claimed the status of a licensed service provider.
Since the beginning of summer, centralized exchanges KuCoin and Bitget have been added to a similar list. This indicates a systematic approach by MAS to marking uncontrolled but active platforms within the jurisdiction.
Let me remind you that back in June 2025, the Singapore regulator tightened the rules: all crypto companies working with local or foreign clients are required to obtain a license as a digital token service provider. Otherwise, they face termination of service to clients outside the country.
My analysis: The inclusion of Hyperliquid in the IAL is not so much a blow to the platform itself, but rather another step by MAS towards total control over the crypto industry. DeFi protocols operating without intermediaries objectively cannot have a traditional license — this contradicts their nature. However, regulators around the world, including Singapore, will increasingly pressure such projects, either requiring registration or blocking access. Nothing changes for Hyperliquid users, but the signal for investors is clear: even decentralized platforms should not remain outside the purview of regulatory authorities.