Singapore's regulator has added Hyperliquid and Hyper Foundation to its investor warning list.
On June 26, the Monetary Authority of Singapore (MAS) added the decentralized exchange Hyperliquid and the website of the Hyper Foundation to its official list of services that may be mistakenly perceived by investors as licensed. This is an important signal for the market: the regulator continues to tighten control over cryptocurrency infrastructure operating with Singaporean users.
Inclusion in this list is not a direct ban on activity or the start of enforcement measures. As representatives of Hyperliquid explained, such actions by MAS do not imply an admission of guilt or violations. In its statement, the team emphasized that the platform has never claimed to have a license or authorization from the regulator and should not be perceived as such. "Hyperliquid is public infrastructure. Nothing has changed on the network. Users hold their own assets, and transactions are processed transparently," the project noted.
Notably, since the beginning of summer, MAS has already added centralized exchanges KuCoin and Bitget to a similar list. Thus, the regulator is consistently expanding the list of platforms operating without a local license but potentially accessible to Singaporean investors.
Let me remind you that in June 2025, Singapore tightened the rules: now all crypto companies are required to obtain a license as a digital token service provider. Otherwise, they face the termination of services to foreign clients. This step is part of a global trend: regulators worldwide are demanding that DeFi protocols and DEXs comply with local regulations, even if they position themselves as fully decentralized.
My analysis: The inclusion of Hyperliquid in the MAS list is a logical continuation of Singapore's policy to protect retail investors. However, for the project itself, this is more of a formality: it is not registered in the jurisdiction and does not seek to obtain a license. Nevertheless, the market should consider that such "gray lists" may restrict access to the platform for Singaporean users through local providers and banks. In the long term, this could encourage DeFi projects to engage more actively in dialogue with regulators to avoid complete isolation from major financial hubs.