Singapore regulator added Hyperliquid to investor warning list.
On June 26, the Monetary Authority of Singapore (MAS) added the website of the perpetual decentralized exchange (perp-DEX) Hyperliquid to its official list of services that may be mistakenly perceived by users as licensed or regulated. The portal of the Hyper Foundation organization was also included in this list.
Hyperliquid is a platform for perpetual derivatives trading based on its own blockchain, which is actively gaining traction among traders due to its high speed and low fees. However, inclusion in the MAS Investor Alert List (IAL) is not a direct ban on operations or the initiation of enforcement measures.
The Hyperliquid team quickly responded to this news, emphasizing that the mere fact of being added to the IAL is not equivalent to a block or an admission of violations. "Many major exchanges and DeFi protocols are included in the regulator's list. 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. Nothing has changed on the network. As with other open-access blockchains, users hold their own assets, and transactions are processed transparently," exchange representatives stated.
Let me remind you that since the beginning of summer, major centralized exchanges such as KuCoin and Bitget have already been added to a similar list. This is part of a broader MAS policy aimed at tightening control over the cryptocurrency sector. In June 2025, the regulator required all crypto companies to obtain a digital token service provider license, otherwise they must cease servicing foreign clients.
My analysis: The inclusion of Hyperliquid in the MAS list is not so much a blow to the platform itself as a signal to the market. Singapore is consistently building a model of a "regulated but friendly" crypto hub, and such actions are aimed at protecting retail investors from potential risks associated with dealing with unlicensed DeFi protocols. For Hyperliquid, which positions itself as fully decentralized infrastructure, this is more of a reminder of the legal risks faced by all DeFi projects operating with users from jurisdictions with strict regulation.