Binance's US stock trading service adopts the "Introduction Broker + Clearing Broker" model, with Nest Trading responsible for order routing and Alpaca handling trade execution, clearing, settlement, and asset custody.

BlockBeats News, June 1st, According to official disclosure from Binance, when users trade stocks through the platform, orders will be referred by Nest Trading Limited as an Introducing Broker and sent to its clearing broker partner Alpaca Securities LLC for execution.

It is reported that Nest Trading Limited is an Introducing Broker (IB) in Binance's stock brokerage system, mainly responsible for client onboarding, order routing, and securities business coordination, without directly holding client securities assets or being responsible for trade execution and clearing settlement. Such institutions usually act as a business bridge between the front-end platform and licensed securities firms. They are not responsible for securities trade execution, clearing settlement, or asset custody, with their main responsibilities being client services, order referral, and brokerage business coordination.

On the other hand, the partner Alpaca Securities LLC is a licensed U.S. securities broker responsible for core functions such as stock trade execution, clearing, settlement, and asset custody. According to the disclosure, user-held securities assets, dividend payments, as well as corporate actions such as stock splits and rights offerings, are all handled by the Alpaca system, and Binance does not directly handle or custody user securities.

From a business architecture perspective, Binance focuses more on providing trading access and user experience, Nest Trading is responsible for brokerage business referrals, while actual stock trading and asset custody are handled by the licensed broker Alpaca.