CZ critical of Hyperliquid decentralisation despite innovation

Binance founder CZ speaks out about the decentralised derivatives platform Hyperliquid. While he acknowledges the platform’s technical innovation, he seriously questions its true level of decentralisation. In an interview on Galaxy, CZ described that Hyperliquid has found an interesting market niche and occupies an area where Binance cannot operate: the no KYC space.

CZ’s ambivalent verdict on Hyperliquid

On 18 June 2026, CZ said during his interview that he is impressed by what Hyperliquid has achieved on a technical level. Founder Jeff even took part in one of the first incubation seasons of YZi Labs, giving him some connection to the Binance ecosystem.

However, CZ indicates that the platform is in reality tightly controlled by a small team. This means his confidence in the “decentralised” claims remains limited. CZ says he would rather not judge their decentralisation narrative, but indirectly warns of the risks of this model.

No KYC model brings risks

Hyperliquid’s no KYC model makes the platform attractive for users who want to trade anonymously, but CZ draws on his experience to outline its potential risks. He clearly states that he personally would never place himself in such a situation, given the historical problems these types of platforms have faced.

Despite his concerns, CZ respects Hyperliquid’s ability to handle its own affairs properly. With the platform currently trading at $62. down 6.7% over the past 24 hours, the future of this decentralised exchange remains interesting to watch.