MAS adds Hyperliquid to Singapore Investor Alert List

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Hyperliquid joins MAS warning list

Highlights

MAS added Hyperliquid to Singapore’s Investor Alert List.
The listing is a consumer warning, not a ban or enforcement action.
Binance, KuCoin, and Bybit were previously added to the same register.

MAS warning targets unlicensed activity

The Investor Alert List is maintained by MAS as a consumer warning register for entities that may have been wrongly perceived as licensed or regulated in Singapore. BeInCrypto reported that Hyperliquid’s inclusion does not block access to the platform or its tokens, and Hyperliquid has said it has never claimed to hold a MAS license.

The case is notable because Hyperliquid’s small team, led by co-founder Jeff Yan, relocated to Singapore in 2024. The project chose the city-state as a base but did not seek a local license, according to the report. Hyperliquid said its network remains unchanged and that the exchange operates through permissionless infrastructure, with traders retaining self-custody of their funds.

MAS previously listed Binance in 2021 and later ordered it to stop serving Singapore residents. KuCoin was added in February, while Bybit was added on June 17 for serving residents without authorization. Unlike those centralized exchanges, Hyperliquid operates through a more decentralized model, making the regulatory signal more closely watched by the broader on-chain trading sector.

HYPE slips, but volumes hold

The market reaction was contained. Hyperliquid’s HYPE token fell about 3% on the news and traded near $62 on Friday. The token remains below its June 16 record high of $76.70 but is still about 65% higher than a year ago.

Investor support has also remained visible. Bitwise Chief Executive Hunter Horsley has argued that markets still underestimate Hyperliquid’s potential, citing its user base and fee revenue. Bitwise has sought to launch HYPE-linked investment products, reflecting an effort to broaden exposure to the token among traditional investors.

Multicoin Capital, which holds a large HYPE position, estimated Hyperliquid’s 2025 revenue at about $873 million and said the platform generated roughly $2.9 trillion in trading volume that year. It also put Hyperliquid’s share of decentralized perpetual open interest above 59%. In March, S&P Dow Jones Indices licensed the S&P 500 for its first official perpetual contract, now trading on Hyperliquid.

Singapore’s signal for on-chain markets

The warning matters because it extends Singapore’s regulatory scrutiny beyond large centralized exchanges and toward permissionless trading platforms. That could shape how other on-chain venues approach licensing, user access, and public claims about regulatory status.

For Hyperliquid, the immediate business impact appears limited. Access has not been blocked, volumes have held up, and major investors continue to argue that the platform’s usage supports a higher valuation. But the listing adds a visible regulatory risk to a project that has become one of the largest venues in decentralized perpetual trading.

We have previously highlighted that Hyperliquid enters prediction markets as HYPE falls.

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