What to know:
- MAS listed Hyperliquid, Hyper Foundation, and its app on the Investor Alert List.
- Hyperliquid said the MAS listing is not a ban, enforcement action, or wrongdoing finding.
- The listing highlights user risks tied to unlicensed crypto platforms in Singapore.
The Hyperliquid MAS Investor Alert List entry drew attention in Singapore after regulators named the decentralized perpetuals exchange in a public warning. The notice identifies both Hyper Foundation and the Hyperliquid trading app.
The Monetary Authority of Singapore added the platform to its Investor Alert List on Friday. MAS is Singapore’s central bank and financial regulator. The list is used to warn the public about unregulated entities.
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Hyperliquid Says MAS Listing Is Not a Ban
The Hyperliquid MAS Investor Alert List notice does not mean the platform has been banned. It also does not confirm enforcement action. MAS uses the list as a consumer protection measure.
The regulator noted that the list includes firms that could potentially be considered licensed or regulated. This is important for the users to know if there is local regulation that can protect them.
According to Hyperliquid, it never claimed to be licensed by the MAS. Also, it never claimed authorization from the regulator. It said that the permissionless nature of its infrastructure had not been altered.
In its Friday post on X, Hyperliquid addressed the listing. It stated that the Hyperliquid ecosystem continues to commit to working with regulators and institutions. It also supports frameworks for on-chain finance.
The Hyperliquid MAS Investor Alert List addition comes after another listing of cryptocurrency platforms. Bybit was added to the list on June 17, nine days prior to Hyperliquid.
Hyperliquid MAS Investor Alert List Raises User Protection Concerns
Such back-to-back listings placed attention on crypto exchanges that are accessible to citizens of Singapore. Additionally, it highlighted MAS continued scrutiny of unlicensed crypto exchanges. The regulator has increased scrutiny of the crypto exchanges over the recent past.
Hyperliquid is among the largest decentralized exchanges by market activity. According to CoinGecko data, the exchange is among the top nine largest decentralized exchanges in terms of trading volumes. DefiLlama data shows that the total value locked stood at about $5.759 billion.
Specific risks are associated with Hyperliquid being listed on the MAS Investor Alert List. The user deposits made through the platform fall outside of MAS regulations. That may matter during hacks, liquidity problems, or fund disputes.
The government of Singapore also acted on licensing gaps in May 2025. The authority ordered crypto exchanges operating within the jurisdiction to either license their businesses or shut down operations. Such actions were consistent with MAS’s stance throughout.
The Hyperliquid MAS Investor Alert List coincides with Singapore’s tightening of cryptocurrency regulations. It also signals better investor protections and measures against financial crime.
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