Hyperliquid responded to being included in the Monetary Authority of Singapore (MAS) Investor Alert List (IAL), stating that this move does not constitute a ban, enforcement action, or a finding of non-compliance, but is solely intended to alert the public not to mistakenly believe that the entity has obtained a license or is regulated by MAS. Hyperliquid stated that it has never claimed to be authorized by MAS, and as a permissionless on-chain infrastructure, users have always maintained self-custody of their assets, with the network operating without any changes. It will continue to cooperate with global regulators and institutions to support the improvement of the regulatory framework for on-chain finance.