Binance US Stock Business Structure Exposed: Nest Trading Handles Connections, Alpaca Monopolizes 94% of Tokenized US Stock Market

Odaily reported that Binance's US stock business adopts a dual-core structure of "introducing broker + clearing broker," with Nest Trading responsible for order referral, and US fintech company Alpaca Securities handling the entire process of trade execution, clearing, settlement, and asset custody.

Nest Trading, formerly known as BCI Limited, obtained a broker-dealer license from the Abu Dhabi Global Market (ADGM) FSRA at the end of 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, Nest Trading handles key Binance services such as OTC, Convert, and Earn.

Alpaca is an SEC-registered broker-dealer and a member of FINRA and SIPC, commanding a 94% market share of tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversion for platforms like Ondo Finance. In January 2026, Alpaca completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status with investments from Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.

Public information indicates that Binance and its core team had no prior connection with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM licensed connectivity + US compliant clearing."