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

Odaily Planet Daily News 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 received 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 compliant "troika" in ADGM. Registered on Abu Dhabi's Reem Island, it handles key Binance services 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, supporting platforms like Ondo Finance in their 1:1 on-chain asset conversions. In January 2026, it completed a $150 million Series D funding round at a $1.15 billion valuation, becoming a unicorn. Investors include 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, its total assets stood at $1.386 billion, with net capital exceeding $100 million.

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