Hyperliquid in Singapore: the MAS Investor Alert List
Singapore is not named in Hyperliquid's Terms of Use (last updated June 15, 2026), so people there are not Restricted Persons. But the Monetary Authority of Singapore has listed Hyperliquid on its Investor Alert List since June 26, 2026, and Hyperliquid holds no MAS licence.
What the listing is: a warning that a firm may be wrongly perceived as MAS-regulated; MAS says the list is not exhaustive (MAS's wording).
Other venues: Lighter, Aster and edgeX do not name Singapore either, and had no alert-list entry when we searched (table).
Terms re-read and the alert list searched October 20, 2026.
This page has no sign-up links or referral codes, because Singapore's regulator has put Hyperliquid on its alert list.
1. Hyperliquid's Terms and Singapore
Singapore does not appear anywhere in the Terms of Use. The Restricted Persons clause (§1.6) is limited to the United States, Ontario and sanctioned territories, so the contract itself does not exclude a Singapore resident. Two other clauses do the work: §1.3 states that Hyperliquid is not licensed or registered by any regulator, and §1.9 puts the duty to check local rules on leveraged derivatives on you.
For Singapore that check starts with one fact many other countries do not have: the national regulator has named Hyperliquid in public.
2. Hyperliquid, Lighter, Aster and edgeX in Singapore
Singapore under each venue's own Terms
Where you are
HyperliquidTerms of Use, June 15, 2026
LighterTerms of Service, December 29, 2025
AsterTerms and Conditions, February 25, 2026
edgeXTerms of Use, March 24, 2026
Singapore
Not named
Not named
Not named
Not named
Clauses: Hyperliquid §1.6, Lighter's Prohibited Person (b) clause under “Access and Restrictions”, Aster §2.1(c), edgeX §1.5; all four Terms re-read on October 20, 2026. “Not named” only means the place is not on that venue's list. It is not a licence and says nothing about local law. Aster's prediction markets (not its perpetuals) list Singapore as a closed service region.
On paper all four venues leave Singapore off their lists. That is a choice about their own contracts, not an approval: none of the four holds a MAS licence, and MAS has named only Hyperliquid so far. Lighter, Aster and edgeX had no entry when we searched on October 20, 2026.
3. What MAS said: the Investor Alert List
The Investor Alert List provides a list of “persons who, based on information available to MAS, … may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS”. “This list is not exhaustive and is based on what was known to MAS at the time of publication.”
MAS, Investor Alert List; entry “Hyperliquid”, listed June 26, 2026 (websites hyperfoundation.org and app.hyperliquid.xyz). mas.gov.sg/investor-alert-list (searched October 20, 2026).
Two readings of the listing go too far. It is not a criminal finding, and the page does not describe any penalty for individual traders. But it is not neutral either: MAS chose to tell Singapore investors that Hyperliquid should not be mistaken for a firm it licenses or regulates. Anything you rely on from a MAS-regulated provider, you should not expect from Hyperliquid.
4. The DTSP rules (June 2025)
“From 30 June 2025, DTSPs providing services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products will need to be licensed. MAS has set the bar high for licensing and will generally not issue a licence.”
MAS media release, June 6, 2025, “MAS Clarifies Regulatory Regime for Digital Token Service Providers”. mas.gov.sg (read October 20, 2026).
This rule is often quoted in Hyperliquid discussions, but it is about firms based in Singapore that serve only overseas customers. It does not set out what an individual in Singapore may do. MAS's own summary of the other side is that providers serving customers in Singapore were already regulated under the Payment Services Act 2019, the Securities and Futures Act 2001 or the Financial Advisers Act 2001, which none of the four venues claims to be licensed under.
5. What the app does for Singapore connections
Not tested. We have not connected to the Hyperliquid app from Singapore and do not know which legalCheck mode it returns there. The Terms' VPN clause (§3.1.5) applies wherever you are.
Hyperliquid's Terms (last updated June 15, 2026) do not name Singapore, and the Investor Alert List is a warning list rather than a ban on users. MAS added Hyperliquid to it on June 26, 2026. We do not label using it legal or illegal; that depends on facts we cannot see, such as how you use it.
Why is Hyperliquid on the MAS Investor Alert List?
MAS does not publish reasons for individual entries. The list covers persons who, based on information available to MAS, may be wrongly perceived as licensed or otherwise authorised or regulated by MAS. The entry for Hyperliquid shows the listing date and its websites.
Is Hyperliquid licensed by MAS?
No. Hyperliquid's own Terms (§1.3) say neither the interface nor Hyperliquid is licensed, approved or registered by any regulator in any jurisdiction, and its Investor Alert List entry is the opposite of a licence.
Does the June 2025 DTSP regime affect people who trade on Hyperliquid?
The digital token service provider rules that took effect on June 30, 2025 are about providers: they require Singapore-based firms that serve only overseas customers to be licensed, and MAS said it "will generally not issue a licence". They do not create a rule for individual users. Firms that serve customers in Singapore were already regulated under the Payment Services Act, the Securities and Futures Act or the Financial Advisers Act.
Are Lighter, Aster or edgeX on the MAS alert list?
When we searched the Investor Alert List on October 20, 2026, Lighter, Aster and edgeX had no entry. That does not mean MAS has licensed them; none of them claims a MAS licence.
Can people in Singapore use Aster's prediction markets?
No. Aster's prediction markets publish their own service-region list, separate from its perpetuals, and Singapore is on it.
Why is there no referral link on this page?
Because Singapore's regulator has named Hyperliquid on a warning list. This page therefore carries no sign-up link or code.
About this page: the site earns referral commissions from Hyperliquid and other venues on other pages; this page has none. Hyperliquid's Terms (last updated June 15, 2026) and the Lighter, Aster and edgeX Terms were re-read October 20, 2026; the MAS Investor Alert List was searched and the DTSP release read the same day. MAS publishes no reasons for alert-list entries, and we do not guess them. This is not legal or tax advice.