Hyperliquid has been added to Singapore’s Investor Alert List (IAL). The list is the public register of warnings maintained by the Monetary Authority of Singapore (MAS).
This places Hyperliquid alongside Binance and Bybit on the list, which is a warning to consumers and not a ban. Prominent investors still strongly argue for the platform’s value.
What the Investor Alert List means
IAL is a consumer warning register maintained by MAS, not a blacklist or a fraud stamp. The regulator provided the same explanation when it added Bybit this month.
Inclusion does not block access to a platform or its tokens. For local users, however, it means that trading on such a platform has no investor protection from MAS.
Hyperliquid’s roughly 11-person team moved to Singapore in 2024, led by co-founder Jeff Yan. MAS’s warning now targets a project driven from the regulator’s own city. The team chose Singapore but never applied for a license there.
Hyperliquid says nothing involving the network has changed. The exchange runs on open infrastructure, and traders manage their own funds themselves. The platform has never claimed to have a license from MAS.
“The IAL listing is not a ban, an enforcement action, or a conclusion about wrongdoing,” Hyperliquid states.
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Binance and Bybit were the first on the list
MAS listed Binance in 2021 and asked them to stop serving users in Singapore. The exchange withdrew its local license application in December of the same year and shut down its platform in 2022. The regulator added KuCoin in February and Bybit on June 17, both on the basis that they served Singapore users without permission.
All of them were centralized companies with a local presence, unlike Hyperliquid’s open model.
Hyperliquid’s HYPE token fell 2% on the news and was traded at around $62 on Friday.
Volumes remained after the listing, and the asset is still among the 10 largest cryptocurrencies. It is now below its all-time high of $76.70 from June 16, but about 65% higher than a year ago.
Investors are offering a bullish assessment
The warning has not shaken the belief among Hyperliquid’s most visible backers. Bitwise CEO Hunter Horsley says the market still underestimates the platform, citing the user base and fee revenue. Bitwise has wanted to launch HYPE investment products to take advantage of increased adoption.
“People underestimate how big Hyperliquid can become,” he says.
That conviction is based on extensive usage. Multicoin Capital, which holds a large HYPE position, estimates Hyperliquid’s revenue in 2025 at nearly $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 company calculates the platform’s share of decentralized perpetual open volume to be over 59%. In March, S&P Dow Jones Indices licensed the S&P 500 for the first official perpetual contract, which is now traded on Hyperliquid.
Multicoin published a valuation the same week, estimating that the token could reach around $319 by 2028 in its base case. The company also points to risks around regulation, competition, and governance.
The coming weeks will show whether MAS expands such warnings to other onchain platforms. For now, one regulator’s caution stands against a loud bet that Hyperliquid will only get bigger.