Hyperliquid Joins Binance and Bybit on Singapore’s Crypto Warning List

Hyperliquid has been added to Singapore’s Investor Alert List (IAL). The list is the public warning register maintained by the Monetary Authority of Singapore (MAS).

The move places Hyperliquid alongside Binance and Bybit on the list, which is a consumer warning rather than a ban. Prominent investors, though, are making a high-profile case for its value.

What the Investor Alert List Means

The IAL is a consumer warning register maintained by MAS, not a blacklist or a scam label. The regulator gave the same explanation when it added Bybit this month.

Inclusion does not block access to a platform or its tokens. For local users, though, it means trades on a listed venue carry no MAS investor protections.

Hyperliquid’s roughly 11-person team relocated to Singapore in 2024, led by co-founder Jeff Yan. The MAS warning now names a project run by the regulator’s own city. The team chose Singapore but never sought a license there.

Hyperliquid said nothing about its network has changed. The exchange runs on permissionless infrastructure, and traders keep self-custody of their funds. It has never claimed to hold a MAS license.

“IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing,” Hyperliquid indicated.

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Binance and Bybit Were Listed First

MAS listed Binance in 2021 and ordered it to stop serving Singapore. The exchange withdrew its local license bid that December and closed its Singapore platform in 2022. The regulator added KuCoin in February and Bybit on June 17, both flagged for serving residents without authorization.

Each was a centralized company with a local presence, unlike Hyperliquid’s permissionless model.

Hyperliquid’s HYPE token dropped 2% on the news and traded near $62 on Friday.

Volumes held up after the listing, and the asset still ranks among the top 10 cryptocurrencies. It now sits below its record high of $76.70 from June 16, but about 65% above a year ago.

Investors Make the Bull Case

The warning has not shaken Hyperliquid’s loudest backers. Bitwise chief executive Hunter Horsley said markets still underestimate the platform, citing its user base and fee revenue. Bitwise has sought to launch HYPE investment products to gain from wider adoption.

“People underestimate how big Hyperliquid can become,” he said.

That conviction rests on hard usage. Multicoin Capital, which holds a large HYPE position, pegged Hyperliquid’s 2025 revenue near $873 million.

It put the platform’s share of decentralized perpetual open interest above 59%. In March, S&P Dow Jones Indices licensed the S&P 500 for its first official perpetual contract, now trading on Hyperliquid.

Multicoin published a valuation the same week, projecting the token could reach about $319 by 2028 in its base case. It also flagged risks around regulation, competition, and governance.

The coming weeks will show whether MAS extends similar notices to other onchain platforms. For now, one regulator’s caution sits beside a loud bet that Hyperliquid is only getting bigger.

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