Singapore's regulator has added Hyperliquid to the list of unlicensed platforms: what this means
On June 26, the Monetary Authority of Singapore (MAS) officially added the website of perpetual decentralized exchange (perp-DEX) Hyperliquid, as well as the website of the Hyper Foundation, to its "Investor Alert List." This list includes services that may be mistakenly perceived by users as being licensed by the regulator.
Hyperliquid's Response: "This is not a ban"
The Hyperliquid team promptly responded to the event, emphasizing that being added to the list is not a ban on operations or the application of enforcement measures. Platform representatives noted that many major exchanges and DeFi protocols have already received similar warnings. Hyperliquid is a public infrastructure that has never claimed to hold an MAS license. Users continue to self-custody their assets, and transactions are processed transparently, as in other open-access blockchains.
Context and Trends
Notably, since the beginning of summer, centralized exchanges KuCoin and Bitget have also been added to this same list. This indicates a consistent tightening of the MAS's stance on cryptocurrency platforms operating in the market without local licenses. It is worth recalling that back in June 2025, the regulator mandated that all crypto companies obtain a digital token service provider license, or else cease servicing foreign clients.
My Analysis
The inclusion of Hyperliquid on the MAS list is not merely a formality. It is a signal to the market that the regulator is closely monitoring the DeFi sector, which is traditionally more difficult to control. For Hyperliquid, as one of the leaders in perp-DEX, this means an additional layer of legal uncertainty, especially if the platform aims to attract institutional investors from Asia. However, given the decentralized nature of the protocol, direct impact on its operations is unlikely — the main threat lies in interactions with traditional financial channels and bank transfers.