Fifty-fifty with no physical headquarters and seemingly few regulations affecting its business concern practices, Binance could reportedly be worth 3 times every bit much as Coinbase if it were to get public today.

According to a Th report from the Wall Street Journal, former executives of the major cryptocurrency exchange estimated that Binance could be worth up to $300 billion as a publicly traded company, because its current trading volume and transaction fees. Data from CoinMarketCap shows Binance with a trading volume of more $46 billion in the last 24 hours, making it the pinnacle-ranked substitution ahead of Coinbase at roughly $ix.5 billion. The estimated valuation would also likely put it alee of its U.S. competitor, which went into its initial public offering in Apr with an estimated valuation of $100 billion.

If Binance were to go public, it'due south unclear in which country it would showtime. The substitution has no formal headquarters, but its holding company is registered in the Cayman Islands, with previous connections to Cathay, Japan, Malta and Republic of seychelles. CEO Changpeng Zhao, or CZ, lives in Singapore, and many of Binance's employees are reportedly spread across the earth.

Withal, CZ said in September that the exchange's U.S. arm was aiming for an initial public offering in 2024, having generated between $800 one thousand thousand and $ane billion in profit in 2022. Kraken, which is too considering a public list in the United States by the end of next twelvemonth, was worth an estimated $ten billion every bit of June.

Related: Drifting Binance looks to Republic of ireland for 'centralized' headquarters

Binance has been facing scrutiny from regulators worldwide, with authorities in the United States, Italia, Canada, Japan, Thailand and other countries issuing warnings to local investors to exercise caution when using the commutation. CZ said in July that he wanted Binance "to be licensed everywhere," coordinating with regulators every bit the company expands.