Hyperliquid has been added to Singapore's Investor Alert List (IAL), according to reports from CoinDesk and an official announcement by the project. The Monetary Authority of Singapore (MAS) maintains this public warning register as a consumer caution rather than a ban. The listing places Hyperliquid alongside Binance and Bybit on the same warning list, with MAS explaining that inclusion does not constitute a ban, enforcement action, or finding of wrongdoing. For local users, trades on listed venues carry no MAS investor protections, though the warning does not block access to platforms or their tokens. MAS added the high-speed trading platform to its Investor Alert List on June 26, flagging it as neither licensed nor authorized to operate in the city-state. The move doesn't ban Hyperliquid outright but tells Singaporean users that if things go sideways on the platform, MAS protections won't be there to catch them.
Popular investor and entrepreneur Kyle Samani has accused Hyperliquid of misleading the public over its permissionless status following the Singapore IAL listing. The Forward Industries chairman made the claim after Singapore's financial regulator added the platform to its Investor Alert List. Samani took direct aim at Hyperliquid's core claims, stating "Hyperliquid is not permissionless. Stop gaslighting the public." He argued that genuine permissionlessness requires at a minimum two conditions: the protocol must be open source and validators must operate globally, not concentrated in a single location. Samani further raised governance concerns, noting that the Hyperliquid Foundation can jail validators and remove them from the active set without justification, and can push forced software upgrades on validators, stripping them of control over their own nodes. Hyperliquid's current setup lends some weight to those claims, as the network runs only 24 active validators and plans a modest expansion to 27, with its node repository distributing a signed binary rather than full source code.
Hyperliquid has responded directly on the X platform to its inclusion on the Monetary Authority of Singapore (MAS) Investor Alert List, emphasizing that being listed does not represent a ban, enforcement action, or finding of violations. The company clarified that the IAL only identifies entities that may be mistakenly thought by outsiders to hold MAS licenses or be regulated by MAS, and currently several large exchanges and DeFi protocols have also been included. Hyperliquid stated that it operates as permissionless infrastructure, has never claimed to hold an MAS license or be authorized by MAS, and that there have been no network changes—the users always maintain self-custody, and all transactions are settled transparently on-chain. The company emphasized that nothing about the network or its operation has changed, with users always maintaining self-custody and all transactions settled transparently and fully onchain. HYPE token dropped 2% on the news and traded near $62 on Friday, though volumes held up after the listing. The platform's native token, HYPE, has a capped supply of 1 billion with approximately 222 million in circulation, serving multifunctional purposes including staking, governance, gas fees, and trading incentives.
MAS launched the Investor Alert List back in 2004 as a public warning tool to inform residents when financial service providers haven't obtained proper licenses. The regulator's purpose is straightforward: inform residents when a financial service provider hasn't gone through Singapore's regulatory gatekeeping process, which covers capital requirements, anti-money laundering compliance, and consumer safeguards. MAS has also placed Bybit Fintech Ltd. on its Investor Alert List as part of efforts to strengthen oversight of crypto platforms operating without local authorization. In response, Bybit said it is seeking clarification from MAS and noted that it has long implemented measures, including contractual restrictions and IP blocking, to prevent Singapore users from accessing its platform. The listing continues MAS's broader crackdown on unregulated crypto exchanges operating without proper authorization, with Singapore's financial authorities taking a firmer stance on unlicensed platforms, evidenced by the addition of Hyperliquid to the Investor Alert List shortly after Bybit was also flagged.
Hyperliquid has demonstrated remarkable growth in 2025, with users expanding from approximately 301,000 to 923,000 and generating about $873 million in revenue across roughly $2.9 trillion in trading volume, according to Multicoin Capital reports. Multicoin Capital, which holds a large HYPE position, pegged Hyperliquid's 2025 revenue near $873 million and put the platform's share of decentralized perpetual open interest above 59%. The firm noted that Hyperliquid is starting to resemble Binance's early growth phase, but with an on-chain structure. Despite the regulatory warning and criticism over permissionless claims, prominent investors continue backing Hyperliquid's potential, with Bitwise chief executive Hunter Horsley saying markets still underestimate the platform. However, with a significant market cap of around $14 billion, investors utilizing Hyperliquid in Singapore should be aware that their funds are not protected by MAS regulation, with no local regulatory authority to which individuals can appeal in cases of hacks, liquidity problems, or disputes concerning user funds.
HYPE continues trading inside a descending channel after rebounding from recent lows near $61, with the token changing hands around $65 at the time of analysis, testing the channel's upper boundary. On the four-hour chart, momentum indicators have shown tentative signs of improvement, with the MACD producing a bullish crossover and the RSI recovering above the neutral 50 level, suggesting buying pressure has strengthened after several sessions of weakness. Derivatives positioning also points to important price zones ahead, with CoinGlass liquidation data showing one of the largest clusters of short liquidations between roughly $66 and $67, followed by additional leverage concentrated closer to $68. A move above those levels could trigger forced buying from short sellers, while sizeable liquidation pools remain around the $63-$62 region and support near $61. For now, the technical picture remains mixed, with momentum having improved but HYPE would still need a confirmed breakout above its descending channel to weaken the current bearish structure despite the recent recovery.
