Hyperliquid responded after being added to the Investor Alert List (IAL) by the Monetary Authority of Singapore (MAS). It stressed that this measure is not a ban, law enforcement action or a finding of violation. It only serves to warn the public against mistakenly believing that the entity has been licensed and regulated by MAS.

Hyperliquid stated that it has never claimed to be authorized by MAS. As a permissionless on-chain infrastructure, users always hold custody of their own assets, and there have been no changes to network operations. The team will keep cooperating with global regulators to improve the regulatory framework for on-chain finance.

Most of Hyperliquid’s team is currently based in Singapore. This regulatory move may force the team to relocate. Previously, Binance and Bybit were also included on Singapore’s warning list.