新加坡 MAS 将 Hyperliquid 列入投资者警示名单

Singapore has built a reputation as one of the friendlier places on earth for digital assets. That friendliness, it turns out, has limits.

The Monetary Authority of Singapore (MAS) has voiced serious concerns about decentralized crypto products. It is paying particular attention to highly leveraged perpetual futures platforms, and it has now named one of the biggest of them.

On June 26, 2026, MAS added Hyperliquid to its Investor Alert List. The platform is operated by Hyperliquid Labs, which is registered in Singapore.

What MAS actually flagged

MAS uses its Investor Alert List to flag entities to the public. Hyperliquid landed there because of its decentralized structure, which the regulator considers to sit outside its oversight.

The regulator also pointed out that Hyperliquid is not regulated in any major jurisdiction.

Hyperliquid Labs has confirmed it is registered in Singapore. It has also stated that it is not licensed by MAS.

Why perpetual futures are the pressure point

Perpetual futures, or “perps,” are derivatives that let traders bet on an asset’s price without ever holding it. Unlike traditional futures, they have no expiry date, so positions can stay open indefinitely.

Consumer advocates have described leveraged perps platforms as “the most dangerous product in crypto.”

MAS has been careful to draw a line here. It distinguishes the institutional perpetual futures offered on SGX, Singapore’s exchange, from what Hyperliquid offers. The regulator’s message is that the product type alone is not the issue. Who is trading it, under what rules, and with what protections is what counts.

MAS has also stressed that crypto trading carries high risks for the general public.

The “techno-anarchism” problem

A Bloomberg opinion piece captured the broader mood among regulators. It described growing apprehension about the “techno-anarchism” of recent crypto products.

The Hyperliquid case shows how awkward this gets in practice. A company is registered in Singapore, yet the product it is associated with operates in a way MAS says falls beyond its reach.

Singapore’s balancing act

MAS continues to champion tokenization and institutional activity in the sector while focusing on curbing the risks that come from retail speculation.

Singapore’s framework requires digital token service providers serving overseas clients to obtain a license. Approvals under the 2025 regulations have been limited.

MAS Managing Director Chia Der Jiun has emphasized trust and risk management in recent remarks. He has highlighted the intersection of AI and digital asset trading as an area needing attention.

What this means for traders and platforms

The most immediate effect is reputational. An investor alert from a respected regulator is not a ban, but it is the kind of label that compliance teams, banks and institutional partners tend to notice.

The research findings suggest MAS’s stance could signal a more cautious posture among global regulators. If so, similar decentralized perps platforms may face increased scrutiny elsewhere.

By separating SGX’s institutional perps from Hyperliquid’s offerings, MAS is effectively endorsing one model of leveraged trading while warning against another.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.