Singapore Adds Hyperliquid to Warning List... Caution for Unlicensed Operations

The Singapore Monetary Authority has listed Hyperliquid, a decentralized trading platform, on its investor warning list, labeling its website and trading app as unlicensed operations. Hyperliquid, one of the first major decentralized finance (DeFi) protocols to appear on this list, joins centralized exchanges like Binance, KuCoin, Bitget, and Bybit. The warning list, established by Singapore's regulator in 2004, identifies businesses offering financial services without proper licensing, though inclusion does not imply fraud or legal violations. Operators on the list bypass Singapore's regulatory process, which includes capital requirements, anti-money laundering compliance, and consumer protections. Singapore residents using such platforms risk losing regulatory safeguards. Hyperliquid clarified that the listing does not signify prohibited activities or regulatory enforcement, stating it never claimed to hold a license. The company emphasized its infrastructure enables user-controlled asset management and blockchain-only transactions without regulatory requirements. Hyperliquid confirmed no operational changes and pledged continued constructive dialogue with regulators. As of CoinGecko, Hyperliquid ranks ninth among decentralized exchanges by trading volume, with estimated total deposited assets around $570 million. HYPE fell to ~$64-65 during the announcement, dropping ~1% on 24-hour basis. Singapore has intensified crypto regulation recently, banning licensed operators from offering credit, leverage, or trading incentives to individuals in 2024, and prohibiting retail crypto marketing since January 2022. In May 2025, the regulator required crypto firms serving overseas customers to obtain licenses or cease operations, ending the practice of evading local licensing requirements.