The Monetary Authority of Singapore (MAS) added decentralized exchange Hyperliquid to its Investor Alert List on June 26, citing the platform’s lack of local authorization. The listing covers the Hyper Foundation website and the Hyperliquid trading application, but the regulator clarified that the notice does not constitute a ban or enforcement action.
Hyperliquid responded by stating that it has never claimed to be licensed by MAS and that its permissionless, on-chain infrastructure remains unchanged. The protocol continues to process transactions transparently through its blockchain-based system and maintains full self-custody for users. Despite the regulatory attention, Hyperliquid remains one of the largest decentralized trading platforms, with approximately $5.7 billion in total value locked, according to DeFiLlama.
Singapore’s Investor Alert List was established in 2004 as a consumer protection tool, flagging entities that do not hold required local licenses. The addition of Hyperliquid follows a broader tightening of crypto rules in Singapore. In May 2025, MAS ordered local crypto firms serving overseas clients to secure licenses or cease operations, closing a loophole that had allowed some to avoid regulation. Other exchanges, such as Bybit (added June 17), KuCoin, and Bitget, already appear on the same list, reflecting the regulator’s intensified scrutiny of unlicensed digital asset services.
Hyperliquid emphasized that it engages with regulators and supports clear frameworks for decentralized finance. However, it has not announced plans to seek a Singapore license. The alert is primarily informational, aimed at warning residents that they cannot rely on protections available through MAS-supervised institutions when using the platform.
