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

According to Odaily Planet Daily, 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.

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 commenced operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" within ADGM. Registered on Reem Island, Abu Dhabi, it handles key Binance businesses such as OTC, Convert, and Earn.

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

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