The warning from the UK’s Financial Conduct Authority adds pressure to a perps market already under increasing scrutiny from regulators.

The warning from the UK’s Financial Conduct Authority adds pressure to a perps market already under increasing scrutiny from regulators.

FCA warns UK users against unauthorized Hyperliquid, highlighting risks and lack of protections without financial services registration.

Arthur Hayes warned that Hyperliquid's core value driver—using trading fees to burn tokens—exposes the protocol to market share losses.