Singapore’s financial regulator has added decentralized trading platform Hyperliquid to its Investor Alert List, just days after including crypto exchange Bybit, highlighting the city-state’s increasingly aggressive stance toward digital asset platforms that are not licensed to provide regulated services locally.
The Monetary Authority of Singapore (MAS) added Hyperliquid to the list on June 26, following the inclusion of Bybit on June 17. According to MAS, the Investor Alert List identifies entities that may be or may have been wrongly perceived by the public as being licensed, authorized or otherwise regulated by the central bank and financial regulator.
Hyperliquid appears on the list under both the Hyper Foundation website and its decentralized perpetual futures trading platform. Bybit was listed under Bybit Fintech Limited and the exchange’s primary website.
The additions do not constitute allegations of fraud or misconduct. Rather, the Investor Alert List serves as a consumer protection measure intended to reduce confusion about which firms are authorized to operate under Singapore’s regulatory framework.
Singapore Tightens Oversight Of Offshore Crypto Platforms
The timing reflects Singapore’s broader effort to tighten supervision of digital asset businesses following the implementation of new licensing requirements under the Payment Services Act and subsequent regulatory reforms governing digital token service providers.
While Singapore remains one of Asia’s largest digital asset hubs, MAS has consistently emphasized that cryptocurrency trading remains highly risky for retail investors. The regulator has introduced restrictions on crypto advertising, discouraged speculation by retail customers and steadily raised licensing standards for firms seeking to operate in the jurisdiction.
The Investor Alert List itself is designed to address a specific regulatory concern. MAS explains that listed firms may create the impression that they are licensed or supervised when they are not, or may be associated with investment offers that could mistakenly appear to have received regulatory approval.
| Platform | MAS Investor Alert List Date | Reason For Listing |
|---|---|---|
| Hyperliquid | 26 June 2026 | May be wrongly perceived as licensed or regulated by MAS |
| Bybit | 17 June 2026 | May be wrongly perceived as licensed or regulated by MAS |
The regulator also notes that the list is not exhaustive and reflects information available to MAS at the time of publication.
Pressure Builds On Global Crypto Exchanges
The inclusion of Hyperliquid is particularly notable given the platform’s rapid rise within decentralized finance. Hyperliquid has become one of the largest decentralized perpetual futures exchanges, processing billions of dollars in daily trading volume while operating through an on-chain order book rather than a centralized exchange model.
Bybit, meanwhile, has continued expanding globally despite increasing regulatory scrutiny across several jurisdictions. The Dubai-headquartered exchange recently launched AI Subaccounts for automated crypto trading in the Middle East while continuing to seek licenses in regulated markets.
Singapore’s action comes as regulators worldwide continue tightening oversight of offshore crypto platforms. Europe has begun implementing the Markets in Crypto-Assets Regulation (MiCA), while regulators in jurisdictions including Hong Kong, the United Kingdom and Australia have introduced increasingly comprehensive licensing regimes for virtual asset service providers.
The growing divergence between licensed and unlicensed crypto businesses is becoming a defining feature of the industry’s next phase. Rather than attempting to prohibit digital assets altogether, regulators are increasingly focusing on ensuring that firms serving local investors operate under domestic supervisory frameworks covering governance, capital requirements, anti-money laundering controls and customer protection.
Why this matters: Being placed on Singapore’s Investor Alert List does not mean a company has violated the law or committed fraud. However, it serves as a clear signal that MAS does not recognize the platform as licensed or regulated in Singapore, reinforcing the regulator’s message that retail investors should verify a firm’s regulatory status before using its services.
