Hyperliquid has clarified that its inclusion on the Monetary Authority of Singapore’s Investor Alert List does not amount to a ban, enforcement action, or finding of wrongdoing after the regulator added the decentralized trading protocol to its public warning register.
The Investor Alert List is maintained by MAS to identify entities that, based on available information, may be wrongly perceived as licensed, authorized, or regulated in Singapore. Hyperliquid said it has never claimed to be licensed or authorized by MAS and stated that no user should view the protocol as regulated by the agency.
The listing places Hyperliquid alongside several major crypto platforms and decentralized finance projects that have previously appeared on the register. The protocol said nothing about the network having changed, and users continue to retain self-custody while transactions settle transparently on-chain.
MAS Listing Is a Consumer Warning
Hyperliquid described the MAS action as a consumer warning rather than a restriction on the network. The protocol said the IAL does not block access, prohibit trading, or represent a regulatory conclusion that wrongdoing occurred.
The MAS Investor Alert List is used to warn the public about entities that may be seen as operating under Singapore regulatory approval when they do not hold such authorization. For users in Singapore, the listing means activity involving a named platform does not come with investor protections provided by MAS-regulated entities.
Source: X
Hyperliquid said it operates as permissionless infrastructure, which differs from a centralized exchange model. The protocol stated that users keep control of their assets at all times, and transactions are executed and settled on public blockchain infrastructure rather than through a custodial intermediary.
The team also said the Hyperliquid ecosystem remains committed to engaging with regulators and institutions worldwide. It added that it supports clear frameworks for on-chain finance while maintaining that the protocol has not presented itself as a MAS-licensed platform.
Hyperliquid Joins Other Crypto Platforms on List
The MAS list has previously included other crypto exchanges and platforms, including Binance, KuCoin, and Bybit. MAS added Binance in 2021 and later ordered it to stop serving Singapore users, after which Binance withdrew its local license application and closed its Singapore platform.
KuCoin was added to the list in February, while Bybit was added on June 17. MAS flagged both platforms for operating without authorization in Singapore, according to the provided reports.
Hyperliquid’s case differs from those centralized exchange examples because the protocol presents itself as permissionless infrastructure rather than a company holding user assets. The project’s team reportedly relocated to Singapore in 2024, led by co-founder Jeff Yan, but Hyperliquid said it did not seek or claim MAS authorization.
The HYPE token slipped about 2% after the MAS listing but had recovered as of press time, trading at $62 on Friday. The move came as traders assessed whether the warning would affect user activity, institutional interest, or market access for the decentralized exchange.
Multicoin Backs HYPE Despite Regulatory Warning
The listing arrived shortly after Multicoin Capital published a positive view on Hyperliquid’s token and long-term business prospects. The investment firm said the market is valuing HYPE too narrowly as the token of a fast-growing perpetual futures decentralized exchange.
Multicoin said Hyperliquid is developing into what it described as an “everything exchange,” with broader potential beyond perpetual contracts. The firm said that, at around $63, HYPE was deeply mispriced under its base-case assumptions.
Source: X
The report projected that HYPE could generate about $8 billion in annual earnings by 2028, which Multicoin said could support a price near $319 at a 20-times earnings multiple. The firm disclosed that it has been aggressively buying HYPE since February and that the token is now one of the largest positions in its liquid hedge fund.
