MAS Flags Hyperliquid; Indonesia Tightens Finfluencer Rules

The Monetary Authority of Singapore added decentralized perpetuals exchange Hyperliquid to its Investor Alert List on Friday. The entry names the Hyper Foundation website and the Hyperliquid trading app. The Investor Alert List identifies entities that may be wrongly seen as licensed or regulated by MAS; inclusion is not a ban or an enforcement action. Bybit was added on June 17, and KuCoin and Bitget also appear on the list.

Hyperliquid said it has never claimed MAS authorization and that its permissionless infrastructure remains unchanged. The platform operates as a decentralized exchange for perpetual futures, with onchain trading and no single entity holding custody of user funds.

Indonesia’s Financial Services Authority published Regulation No. 6 of 2026 on Wednesday, requiring individuals who recommend digital financial assets on social media to obtain competency certification unless they are already covered by another licensing regime. Certified individuals must demonstrate knowledge and competence to explain product features and risks to retail audiences.

Under the rule, influencers may promote only digital assets listed on exchanges authorized by the Indonesian regulator. Any service provider recommended by an influencer must hold an appropriate license. Marketing campaigns must be conducted through regulated financial services businesses, which are responsible for the promotional content and must use their official communication channels to distribute it.

The two actions use different regulatory tools: Singapore’s Investor Alert List identifies platforms that may not be regulated locally, while Indonesia’s rule creates a formal certification and distribution framework for financial promotions on social media. Regulators in Australia, the United Kingdom and the Philippines have recently introduced measures to tighten standards for online investment promotions and crypto advertising.