Singapore regulator warns: Hyperliquid included in list of risky projects
On June 26, the Monetary Authority of Singapore (MAS) officially added the website of the decentralized exchange Hyperliquid, as well as the portal of the Hyper Foundation organization, to its "Investor Alert List" (IAL). This is a serious signal for market participants, indicating that these platforms may be mistakenly perceived by users as licensed and regulated entities.
It is important to emphasize that inclusion in the IAL itself is not a direct ban on operations or the start of enforcement actions. However, it is an official warning from one of the strictest financial regulators in the world. The Hyperliquid team has already responded, stating that their platform is a public infrastructure that never claimed to have a MAS license. They also noted that nothing has changed on the network, and users still self-custody their assets.
MAS's actions did not come as a surprise. Since the beginning of summer, the regulator has already added major centralized exchanges such as KuCoin and Bitget to this list. This is part of Singapore's broader strategy to tighten control over the crypto sector. I recall that back in June 2025, MAS mandated that all crypto companies working with the country's residents must obtain a Digital Payment Token service provider license. Otherwise, they face the termination of services for clients from Singapore.
From my perspective, this step is yet another confirmation of the global trend toward regulating DeFi. Although Hyperliquid is a decentralized platform, regulators are increasingly viewing such projects through the lens of traditional financial risks. For users, this means that even working with "non-custodial" solutions does not guarantee immunity from the attention of authorities. The market needs to get used to a new reality where anonymity and decentralization are no longer a shield against regulatory requirements.