Patrick Hillman, chief strategy officer of Binance, said the company may not exist in 10 years because the crypto market it is moving toward decentralized finance (DeFi).

For now, the exchange is trying to keep customers' trust after the collapse of rival exchange FTX by implementing "proof of reserves," which is a way to show customers that their assets are fully backed. But the process has been slow, Hillman said Thursday on CoinDesk's “First Mover” program.

“It will be a multistep process, including bringing in a third-party auditor,” he said. “It takes time to go and be able to conduct an audit of the scope and scale that is required of Binance.”