Monetary Authority of Singapore Flags Hyperliquid Unlicensed

The Singapore — Monetary Authority of Singapore (MAS) has added the decentralized perpetuals exchange Hyperliquid to its Investor Alert List, a consumer protection measure for entities not licensed or regulated by MAS. This action, which also included the Hyper Foundation website and the Hyperliquid trading app, does not constitute a ban but serves as a public warning. Hyperliquid responded by stating it has never claimed to be MAS-licensed and remains committed to constructive engagement with regulators. This move is part of Singapore's broader tightening of crypto oversight, which previously saw Bybit, KuCoin, and Bitget added to the list. In May 2025, MAS also mandated crypto companies serving overseas customers from Singapore to obtain licenses or cease operations, closing a regulatory loophole. Despite the regulatory development, Hyperliquid's native token, HYPE, showed little immediate price movement, though institutional demand for spot HYPE ETFs remained strong.