Multicoin co-founder calls Hyperliquid 'Binance 2.0' without a marketing team

Kyle Samani, co-founder of Multicoin Capital, has criticized Hyperliquid (HYPE), describing it as "like Binance 2.0 without a marketing team." In a post on X, he pointed out that Hyperliquid made technical choices during its development that are suitable for centralized systems but not for decentralized environments. This, he argued, has caused its transition to decentralization to lag behind competitors. Samani also noted that the changing U.S. regulatory landscape is strengthening requirements for collaboration with compliant firms, and Hyperliquid's current model could face greater regulatory risks.