MAS adds Hyperliquid to its warning list: what lies behind the Singapore regulator's decision
On June 26, the Monetary Authority of Singapore (MAS) added the decentralized exchange Hyperliquid, operating as a perp-DEX, to its "Investor Alert List." The official website of the Hyper Foundation organization was also included in this list.
This move by MAS is not a direct ban on operations or the start of enforcement measures. Rather, it is a signal to investors that the platform may be mistakenly perceived as having a license or approval from the Singapore regulator. Hyperliquid, like many other DeFi protocols, indeed does not have and has never claimed to have such a license.
The Hyperliquid team promptly responded to being added to the list, emphasizing that this does not change anything in the network's operation. "Hyperliquid is 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," platform representatives stated. They also noted that users self-custody their assets, and all transactions are processed transparently, which is standard for open-access blockchains.
Since the beginning of summer, centralized exchanges KuCoin and Bitget have also been added to a similar list. This indicates a systematic approach by MAS to regulation: the regulator aims to clearly define the boundaries between licensed and unlicensed services, especially after it mandated in June 2025 that all crypto companies obtain a digital token service provider license, under threat of ceasing services to foreign clients.
My analysis: The inclusion of Hyperliquid in the MAS list is not so much a blow to the protocol as it is another step by Singapore to tighten control over the crypto market. For permissionless DeFi projects, such precedents become a new challenge: regulators increasingly demand transparency and compliance with local laws, even if the platform technically has no jurisdiction. Hyperliquid will likely continue operating as before, but investors should consider the increased regulatory risks when interacting with any unlicensed platforms in this region.