Hyperliquid has responded after being added to the Investor Alert List (IAL) maintained by the Monetary Authority of Singapore (MAS), saying the listing does not amount to a ban, enforcement action or finding of wrongdoing.
The decentralised trading protocol said the IAL is a public list of entities that may be wrongly seen as being licensed or regulated by MAS. It added that many well-known crypto exchanges and decentralised finance (DeFi) platforms have also appeared on the list.
Hyperliquid has been added to the MAS’s Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
Hyperliquid stressed that it has never claimed to hold a licence from MAS and said users should not assume that it is regulated by the Singapore watchdog. According to the protocol, nothing about its network or operations has changed following the listing.
Are users still in control of their assets?
Hyperliquid described itself as a permissionless infrastructure that allows users to keep full control of their digital assets instead of handing custody to a central company.
It said transactions continue to settle directly on the blockchain and remain publicly visible. The platform added that users maintain self-custody of their funds at all times, a feature often promoted by decentralised finance projects as an alternative to centralised crypto exchanges.
The protocol also said it remains committed to working with regulators and financial institutions around the world while supporting clear rules for blockchain-based financial services.
Alert lists are becoming more common
Investor alert lists have become one of the main tools regulators use to warn the public about firms that may appear to be regulated when they are not. Inclusion on these lists does not automatically mean a company has broken the law or is prohibited from operating.
The lists serve as a reminder to check whether a platform holds a licence before using regulated financial services. This is especially important as decentralised protocols become more popular. Unlike traditional exchanges, many DeFi platforms operate through smart contracts rather than licensed companies, making their regulatory status different across countries.
Singapore has taken a stricter approach to crypto regulation in recent years, while continuing to support blockchain innovation under regulated conditions. As more decentralised platforms attract global users, questions about licensing, investor protection, and how permissionless networks fit within existing financial rules are likely to remain important issues for regulators and the crypto industry alike.
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