Hyperliquid is drawing renewed attention as one of crypto’s largest perpetual futures venues, following a May warning in which the UK’s financial regulator listed Hyperliquid and Hyper Foundation as unauthorized amid broader concerns over crypto perps.

The warning came from the UK’s Financial Conduct Authority, which said in a notice dated May 21 that Hyperliquid, Hyper Foundation, the protocol’s app, and its social channels may be offering or promoting financial services in the UK without permission.

The notice appears to have drawn little attention until this week, when it began surfacing more prominently in search results reviewed by Decrypt.

Hyperliquid “may be providing or promoting financial services or…