Binance US Stock Business Structure Revealed: Nest Trading Handles Liaison, Alpaca Dominates 94% of Tokenized US Stock Market

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

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

Alpaca, an SEC-registered broker-dealer and member of FINRA and SIPC, dominates 94% of the market share for tokenized US stocks and ETFs, supporting platforms like Ondo Finance in 1:1 on-chain asset conversion. In January 2026, it completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status. Investors include Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions and covers 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 shows that Binance and its core team had no prior ties with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM-licensed liaison + US-compliant clearing."