diff --git a/protocol/x/affiliates/keeper/keeper.go b/protocol/x/affiliates/keeper/keeper.go
index f942e46418..ee068a7265 100644
--- a/protocol/x/affiliates/keeper/keeper.go
+++ b/protocol/x/affiliates/keeper/keeper.go
@@ -310,8 +310,12 @@ func (k Keeper) SetAffiliateWhitelist(ctx sdk.Context, whitelist types.Affiliate
 				"taker fee share ppm %d is greater than the cap %d",
 				tier.TakerFeeSharePpm, types.AffiliatesRevSharePpmCap)
 		}
-		// Check for duplicate addresses.
 		for _, address := range tier.Addresses {
+			// Check for invalid addresses.
+			if _, err := sdk.AccAddressFromBech32(address); err != nil {
+				return errorsmod.Wrapf(types.ErrInvalidAddress, "address to whitelist: %s", address)
+			}
+			// Check for duplicate addresses.
 			if addressSet[address] {
 				return errorsmod.Wrapf(types.ErrDuplicateAffiliateAddressForWhitelist,
 					"address %s is duplicated in affiliate whitelist", address)
diff --git a/protocol/x/affiliates/keeper/keeper_test.go b/protocol/x/affiliates/keeper/keeper_test.go
index 96b25b83e5..aeb9efd139 100644
--- a/protocol/x/affiliates/keeper/keeper_test.go
+++ b/protocol/x/affiliates/keeper/keeper_test.go
@@ -484,6 +484,36 @@ func TestSetAffiliateWhitelist(t *testing.T) {
 			},
 			expectedError: types.ErrRevShareSafetyViolation,
 		},
+		{
+			name: "Invalid bech32 address present",
+			whitelist: types.AffiliateWhitelist{
+				Tiers: []types.AffiliateWhitelist_Tier{
+					{
+						Addresses: []string{
+							constants.AliceAccAddress.String(),
+							"dydxinvalidaddress",
+						},
+						TakerFeeSharePpm: 500_000, // 50%
+					},
+				},
+			},
+			expectedError: types.ErrInvalidAddress,
+		},
+		{
+			name: "Validator operator address not accepted",
+			whitelist: types.AffiliateWhitelist{
+				Tiers: []types.AffiliateWhitelist_Tier{
+					{
+						Addresses: []string{
+							constants.AliceAccAddress.String(),
+							"dydxvaloper1et2kxktzr6tav65uhrxsyr8gx82xvan6gl78xd",
+						},
+						TakerFeeSharePpm: 500_000, // 50%
+					},
+				},
+			},
+			expectedError: types.ErrInvalidAddress,
+		},
 	}
 
 	for _, tc := range testCases {