Hyperliquid Responds To MAS Alert List As Singapore Tightens Oversight Of Unlicensed Crypto Platforms

Decentralized exchange Hyperliquid has released a comment after being added to the Monetary Authority of Singapore’s (MAS) Investor Alert List (IAL), stating that the designation does not constitute a ban, regulatory enforcement action, or finding of misconduct.

According to Hyperliquid, the Investor Alert List is intended to identify entities that may be mistakenly perceived as being licensed, authorized, or regulated by MAS based on publicly available information. The platform noted that several major cryptocurrency exchanges and DeFi protocols have also been included on the list.

The company emphasized that it operates as permissionless blockchain infrastructure and has never represented itself as being licensed or regulated by MAS. It added that the platform continues to function without changes, with users retaining self-custody of their assets while transactions are processed transparently on-chain.

Furthermore, Hyperliquid stated that it remains committed to engaging with regulators and financial institutions worldwide and supports the development of clear regulatory frameworks for blockchain-based financial services.

MAS Clarifies Regulatory Status of Unlicensed Crypto Platforms

The response follows MAS’s decision made on June 26, which identifies the platform as neither licensed nor authorized to provide regulated financial services in Singapore. The list serves as a public advisory intended to inform consumers about entities that are not regulated by MAS but may be perceived as operating under its supervision.

Established in 2004, the Investor Alert List is designed to help Singapore residents identify financial service providers that have not obtained the necessary regulatory approvals to operate within the country. Inclusion on the list does not indicate that an entity has engaged in fraudulent activity or violated the law. Instead, it signals that the platform falls outside Singapore’s regulatory framework, which includes licensing requirements, anti-money laundering obligations, capital standards, and consumer protection measures.

MAS has recently expanded the Investor Alert List to include other cryptocurrency platforms operating without local authorization. Among them is Bybit Fintech Ltd., which was also added as part of the regulator’s efforts to strengthen oversight of digital asset service providers targeting Singapore-based users.

Following its inclusion on the list, Bybit stated that it is seeking clarification from MAS. The company also noted that it has previously implemented measures, including contractual restrictions and IP-based access controls, to limit access to its platform by users located in Singapore.

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