Singapore flags Hyperliquid on its investor alert listing, prompting the team to say it has never claimed to be licensed there.
Hyperliquid, a crypto perps exchange and same-named Layer-1 blockchain, said in its Telegram channel Friday that it had been added to the Monetary Authority of Singapore’s (MAS) Investor Alert List, while stressing that the listing is not a ban, enforcement action or finding of wrongdoing.
As the team explained in the statement, the listing “does not constitute a ban, an enforcement action, or a finding of wrongdoing,” adding that Hyperliquid has never presented itself as approved by MAS.
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The MAS Investor Alert List is used to flag entities that, based on information available to the regulator, may be wrongly perceived as being licensed or regulated in Singapore.
As Hyperliquid emphasized, “many large exchanges and defi protocols” have also appeared on the list.
At press time, it’s not clear why MAS added Hyperliquid to the list. The regulator’s Investor Alert List is used to flag entities that, based on information available to MAS, may be wrongly perceived as being licensed, authorized or regulated in Singapore.
Regulatory Risks
The Singapore listing comes as Hyperliquid keeps attracting attention from crypto funds. Multicoin Capital, a crypto investment firm, said in a June 25 report that HYPE▼$62.35, Hyperliquid’s native token, is one of the largest positions in its liquid fund.
As Multicoin Capital noted, Hyperliquid generated about $873 million in revenue across roughly $2.9 trillion in trading volume in 2025, while users grew from about 301,000 to 923,000. The firm also said Hyperliquid controls more than 59% of open interest across DeFi perps markets.
Multicoin argued that Hyperliquid is starting to resemble Binance’s early growth phase, but with an on-chain structure. At the same time, it listed regulation among the project’s key risks.
Battle of Washington
That threat is becoming visible even outside of Singapore, where in Washington the CME Group, the exchange operator of the U.S., and Intercontinental Exchange, parent of the New York Stock Exchange, are said to be pressuring legislators and regulators about the emerging problems surrounding Hyperliquid’s rapidly growing perpetual futures markets.
These two groups believe that such trading in crypto perps related to commodities like oil poses a risk of market manipulation and sanctions, while simultaneously entering a domain that belongs to the regulated exchanges.
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