Singapore's regulator has added Hyperliquid to its investor warning list.
On June 26, the Monetary Authority of Singapore (MAS) added the decentralized exchange Hyperliquid to its "Investor Alert List." This list includes services that may be mistakenly perceived by users as licensed or regulated entities. Along with the platform, the website of the Hyper Foundation organization was also added.
It is important to understand that being included in this list is not a direct ban on operations or the start of enforcement measures. Rather, it is a preventive step by the regulator aimed at protecting retail investors from potentially unregulated but outwardly "official" projects. The Hyperliquid team responded promptly to this event, emphasizing that the platform itself has never claimed to have a MAS license or positioned itself as a regulated entity.
As DEX representatives noted, being added to the list is standard practice for many major exchanges and DeFi protocols. "Hyperliquid is public infrastructure. It does not have, and has never claimed to have, a license or authorization from MAS, and no one should treat 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," the team stated.
Notably, since the beginning of summer, centralized exchanges KuCoin and Bitget have also been added to the same list. This indicates MAS's consistent policy of tightening control over all segments of the crypto market that work with Singaporean users.
Let me remind you that in June 2025, the Singaporean regulator adopted stricter rules, requiring all crypto companies serving clients in Singapore to obtain a license as a digital token service provider. Otherwise, they are required to cease servicing foreign clients.
Expert commentary: The inclusion of Hyperliquid in the MAS list is not so much a blow to the platform itself, but rather a clear signal to the market: the regulator intends to combat "gray areas" in DeFi. For Hyperliquid, as a non-custodial protocol, legal risks are minimal, but the very fact of such attention from one of the world's leading financial centers could cool the enthusiasm of other DeFi projects seeking global expansion without regard for local laws.