MAS adds Hyperliquid to Investor Alert List

The Monetary Authority of Singapore added decentralized perpetuals exchange Hyperliquid to its Investor Alert List on Friday. The entry covers the Hyper Foundation website and the Hyperliquid trading app. MAS noted inclusion on the list does not amount to a ban or an enforcement action.

The Investor Alert List is a consumer-protection tool that flags entities the public may wrongly view as licensed or regulated by MAS. The regulator described the listing as a warning to the public rather than a prohibition or penalty against the firm.

Other platforms already on the list include KuCoin and Bitget. MAS added Bybit to the list on June 17.

Hyperliquid responded that it has never claimed to be licensed or authorized by MAS and that its permissionless infrastructure remains unchanged. In a post on X, the project wrote: “The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance.”

Market trackers rank Hyperliquid as the ninth-largest decentralized exchange by trading volume and estimate it holds about $5.7 billion in total value locked. Hyperliquid describes itself as a decentralized perpetuals exchange operating on permissionless protocols.

Singapore has tightened oversight of cryptocurrency activity in recent years. In May 2025 MAS ordered crypto firms that serve overseas customers to obtain licenses or cease operations, closing a loophole that had allowed some Singapore-based firms to avoid local licensing by serving only overseas clients. MAS said it had communicated its position since 2022 and was ending a transition period for firms that continued operating without a license.

MAS has stated the strengthened rules are intended to boost consumer protection and align the city-state’s crypto framework with international anti-money laundering and countering the financing of terrorism standards. The Investor Alert List is one of several measures the authority uses to inform the public about entities that are not authorised or supervised by MAS.