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Binance CSO Patrick Hillman said that Binance's centralized exchange may not be around in 10 years because the crypto market it is moving toward DeFi.
In addition, Hillman mentioned that they are trying to maintain customer trust by implementing "proof of reserve," which is a way to show customers that their assets are fully backed. "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."
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