Hyperliquid added to MAS investor alert list, says no ban or enforcement action

Singapore’s Monetary Authority of Singapore has placed Hyperliquid on its Investor Alert List, naming both the Hyper Foundation website and the Hyperliquid trading application as unlicensed entities operating without regulatory authorization in the city-state. The list is a consumer-protection register for firms that have not gone through Singapore’s licensing process, including checks on capital, anti-money laundering compliance and consumer safeguards, and inclusion does not by itself imply fraud, illegality or enforcement action. Hyperliquid said the designation should not be read as a ban, enforcement action or finding of wrongdoing, adding that it has never claimed MAS authorization. The protocol described itself as permissionless infrastructure where users remain in self-custody and transactions settle on-chain, and said operations remain unchanged while it continues engaging with regulators and institutions. The move makes Hyperliquid one of the first major decentralized finance protocols to appear on the alert list, alongside centralized exchanges including Binance, KuCoin, Bitget and Bybit. Hyperliquid currently ranks as the ninth-largest decentralized exchange by trading volume on CoinGecko, with about $5.7 billion in total value locked by DefiLlama estimates. HYPE traded around $64 to $65, down about 1% over 24 hours at the time of the announcement, according to Yahoo Finance. The listing comes as MAS has tightened oversight of crypto activity in recent years. Singapore barred crypto and digital payments providers in 2024 from offering retail customers credit, leverage and trading incentives, and from lending or staking retail assets, while public marketing restrictions for crypto firms have been in place since January 2022. In May 2025, MAS also told crypto companies serving overseas customers from Singapore to obtain licenses or cease operations.