Singapore Regulator Adds Hyperliquid to Investor Alert List

TLDR

• MAS adds Hyperliquid to Singapore’s Investor Alert List over licensing status.
• Hyperliquid says it never claimed MAS approval or local authorization.
• The MAS notice does not ban Hyperliquid or confirm enforcement action.
• Singapore keeps tightening crypto rules for firms serving local users.
• Hyperliquid remains a major DEX despite fresh regulatory attention.

Singapore’s financial regulator added Hyperliquid to its Investor Alert List on June 26, highlighting its lack of local authorization. The notice covers the Hyper Foundation website and the decentralized trading application. However, the listing does not represent a ban or formal enforcement action.

Hyperliquid Appears on MAS Warning List

The Monetary Authority of Singapore uses the list to identify financial entities without required local licenses. MAS also flags services that residents may wrongly view as regulated. The notice clarifies Hyperliquid’s regulatory position within Singapore.

MAS launched the public warning list in 2004 as a consumer protection measure. The regulator regularly updates it with websites, companies, and financial platforms. Inclusion does not automatically suggest fraud or illegal conduct.

The warning means MAS has not licensed or authorized Hyperliquid to offer regulated services in Singapore. Users cannot rely on protections available through locally supervised financial institutions. The regulator has not announced penalties or legal proceedings against the platform.

Hyperliquid Defends Permissionless Operations

Hyperliquid said it never presented itself as licensed or authorized by Singapore’s regulator. It also said the notice had not changed its permissionless infrastructure. The platform continues to process activity through its onchain network.

The decentralized exchange allows users to retain control over their assets during trading. It also settles transactions transparently through blockchain-based systems. Hyperliquid argues that its structure differs from centralized financial platforms.

The platform said its wider ecosystem would continue engaging with regulators and institutions worldwide. It supports clear frameworks for decentralized finance and blockchain-based markets. However, Hyperliquid did not announce plans to seek a Singapore license.

Singapore Expands Crypto Oversight

MAS has also added several other cryptocurrency exchanges to the same warning list. Bybit joined the list on June 17, while KuCoin and Bitget already appear. These additions reflect Singapore’s broader approach toward unlicensed digital asset services.

In May 2025, MAS ordered Singapore-based crypto firms serving overseas clients to secure licenses or stop operations. The directive closed a gap that allowed some companies to avoid local approval. MAS said it had communicated that regulatory position since 2022.

The regulator linked the measures to consumer protection and stronger financial crime controls. It also sought closer alignment with international anti-money laundering standards. Crypto businesses operating from Singapore now face stricter licensing expectations.

Hyperliquid Maintains Strong Market Position

Hyperliquid remains one of the largest decentralized trading platforms despite the regulatory notice. CoinGecko ranks it ninth among decentralized exchanges by trading volume. DefiLlama estimates that the protocol holds about $5.7 billion in total value locked.

The platform focuses mainly on perpetual futures and other blockchain-based trading products. Its model combines self-custody with rapid transaction processing. Regulators may still assess how such services reach users within their jurisdictions.

MAS has not indicated whether it will take further action against Hyperliquid. The alert mainly informs Singapore residents about the platform’s licensing status. For now, the exchange continues operating through its permissionless blockchain infrastructure.

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