Robinhood lists Hyperliquid token despite FCA warning on underlying platform
The trading app has added more than 50 cryptocurrencies including $HYPE, but the Hyperliquid platform and its foundation sit on the Financial Conduct Authority's warning list.
Robinhood has begun offering the Hyperliquid token ($HYPE) to UK retail customers through its app, even though the token's native platform and governing foundation appear on the Financial Conduct Authority's warning list of unauthorised firms.
The fintech added more than 50 cryptocurrencies to its UK offering this week. Among them is $HYPE, the native asset of Hyperliquid, a derivatives platform that the FCA placed on its warning list in May 2026. The regulator cautioned that Hyperliquid and the Hyper Foundation may be providing or promoting financial services in the UK without permission.
How the trade works
Robinhood holds approval to operate in the UK and acts as an intermediary broker. Customers purchasing $HYPE do so through Bitstamp UK Ltd, which is registered with the FCA as a cryptoasset service provider and forms part of Robinhood's crypto business. Users do not interact directly with the Hyperliquid platform.
"Cryptocurrency trading is offered through Bitstamp UK Ltd ("BSUK"), registered with the Financial Conduct Authority as a cryptoasset service provider. Every asset undergoes a robust listing review and approval process."
A Robinhood spokesperson said. The FCA declined to comment on Robinhood's specific position.
Regulatory gap and consumer duty
Most cryptoassets remain unregulated in the UK, meaning buyers of $HYPE and the other newly listed tokens receive no watchdog protection. A broader UK crypto regulatory regime is not expected to take effect until October 2027, aimed at removing bad actors that refuse to obtain full licences.
The decision also raises questions under the FCA's consumer duty, which requires firms to prevent foreseeable harm and act in customers' best interests. Because $HYPE is unregulated, it falls outside the duty's direct scope. However, the regulator has signalled it will consider all information about a firm's offerings and any potential consumer harm when assessing compliance.
What happens next
Robinhood's listing review process will face scrutiny as the FCA monitors how authorised firms handle assets linked to warned entities. The regulator has powers to act where non-compliance is identified. For now, UK customers can trade $HYPE on the app, but they do so without the protections that will eventually arrive under the 2027 regime.
