The Monetary Authority of Singapore (MAS) has added decentralized trading platform Hyperliquid to its Investor Alert List. This move places Hyperliquid alongside centralized exchanges like Binance and KuCoin, which have also been flagged for operating without proper licenses in the city-state.
Hype surrounding Hyperliquid's addition to the list was short-lived, with the platform's HYPE token experiencing a 1% decline in value over 24 hours. The MAS had listed rules in place since January 2022 prohibiting unlicensed crypto firms from marketing themselves to the general public.
In May 2025, MAS told crypto companies serving overseas customers from Singapore to either obtain licenses or stop operating. This move was seen as an attempt to tighten regulation on unlicensed operators and prevent a loophole used by some firms to avoid licensing.