Hyperliquid has been added to Singapore’s Investor Alert List (IAL). This is a public warning registry maintained by the Monetary Authority of Singapore (MAS).
This places Hyperliquid, along with Binance and Bybit, on a list that serves as a consumer warning, not a ban. However, established investors have raised the platform’s significance.
What the Investor Alert List means
IAL is a consumer warning register maintained by MAS. It should not be confused with a blacklist or branded as a scam. The authority provided the same explanation when Bybit was added to this list earlier this month.
Participation does not prevent access to the platform or its tokens. For local users, however, this means that MAS investor protection is not available on those platforms.
Hyperliquid’s roughly 11-person team moved to Singapore in 2024, led by another co-founder, Jeff Yan. MAS’s warning is now aimed at a project led from within the agency’s own city. The team chose Singapore, but never applied for an operating license there.
According to Hyperliquid, nothing has changed on its network. The platform operates permissionlessly, and traders keep funds in their own wallets. The company has never claimed to have an MAS license.
“Getting listed on the IAL is not a ban, a coercive action, or an indication of misconduct,” Hyperliquid said.
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Binance and Bybit were listed first
MAS listed Binance in 2021 and ordered it to stop operating in Singapore. The platform withdrew its local license application in December of the same year and shut down its Singapore platform in 2022. The authority added KuCoin to the list in February and Bybit on June 17. In both cases, the reason was providing services to residents without a license.
All of these were centralized players with local presence—unlike Hyperliquid’s permissionless model.
Hyperliquidin HYPE-tokenin hinta laski 2% uutisen seurauksena ja oli lähellä 62 dollaria perjantaina.
Volumes stayed strong after the listing, and the asset remains in the top 10 among crypto assets. The price is below its all-time high ($76.70, June 16) but about 65% higher than a year ago.
Investors justify the upward momentum
The warning has not undermined the confidence of Hyperliquid’s biggest backers. Bitwise CEO Hunter Horsley said that markets are still undervaluing the platform, pointing to its user numbers and fee revenue. Bitwise has been trying to launch HYPE investment products to take advantage of broader adoption.
“People underestimate how big Hyperliquid can grow,” he said.
Trust is based on heavy usage. Multicoin Capital, which holds a large HYPE position, estimates Hyperliquid’s 2025 revenue to be about $873 million.
2/ Hyperliquid is a vertically integrated layer 1 blockchain and DEX purpose-built for high-speed tradingIn 2025, Hyperliquid generated ~$873M in revenue across ~$2.9T in trading volume. It grew from ~301k to ~923k users and ended the year with ~$6B in open interest pic.twitter.com/t0IofZmnXi
— Spencer Applebaum (@SpencerApplebau) June 25, 2026
The platform’s share of the decentralized perpetual open interest market is over 59%. In March, S&P Dow Jones Indices licensed its S&P 500 index for its first official perpetual contract—this contract is now being traded on Hyperliquid.
Multicoin released an estimate during the same week and assessed that, under a base scenario, the token could rise to around $319 by 2028. It also highlighted risks related to regulation, competition, and governance.
In the coming weeks, it remains to be seen whether MAS issues similar warnings to other onchain platforms. At the moment, one regulator’s caution is at odds with its assumption that Hyperliquid will continue to grow.