Quick Look at Binance US Stock Trading Partners: Self-Clearing Brokerage for Order Flow and Silicon Valley Trader Alpaca Cement Its Dominance in Tokenization

BlockBeats News, June 1st, according to the Binance official website, its US stock business adopts the "Introducing Broker + Clearing Broker" model, with Nest Trading responsible for order routing and Alpaca responsible for trade execution, clearing, settlement, and asset custody.

The Introducing Broker Nest Trading Limited, formerly known as BCI Limited, was approved by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) as a Broker-Dealer at the end of 2025 and officially commenced operations on January 5, 2026. The approved activities include: principal dealing, arranging deals, managing assets, providing custody services, and arranging custodianship. Together with Nest Exchange Limited (trading platform) and Nest Clearing and Custody Limited (clearing custody), they form the three pillars of Binance in the ADGM. The company is registered in Office 4607, Addax Tower, Reem Island, Abu Dhabi, with its official website linked to Binance, handling OTC trading, Convert (spot trading), Earn, and other businesses on the Binance platform.

Alpaca Securities LLC is a Silicon Valley-based financial technology company dedicated to providing global financial institutions with a one-stop securities trading and clearing custody infrastructure service through a modern API. Alpaca Securities LLC is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).

The Information previously reported that Alpaca currently holds approximately 94% of the tokenized US stocks and ETFs market share. Alpaca has also launched the Instant Tokenization Network, partnering with Ondo Finance, Dinari, xStocks, and the Solana Foundation to achieve rapid 1:1 conversion between US stocks and on-chain assets. In simple terms, the Ondo Global Markets (Ondo's tokenized stock/ETF platform) is underpinned by Alpaca's Broker API.

Alpaca focuses on empowering over 300 Fintech and institutional clients, supporting over 9 million brokerage accounts (data as of early 2026), covering stocks, ETFs, options, and cryptocurrencies. Key audit report data from the end of 2025 shows the company's total assets are approximately $1.386 billion; client protection funds amount to $631 million; net capital exceeds $100 million, far exceeding regulatory requirements.

In publicly available information, no information was found regarding any previous affiliation between Binance, CZ, or He Yi and Alpaca Securities LLC. In January 2026, Alpaca completed a $150 million Series D funding round, valuing the company at $1.15 billion. Investors included Drive Capital, Citadel Securities, Kraken, MUFG, among others. With total funding exceeding $320 million, Alpaca has become a "unicorn" API broker.