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

On June 1, Binance’s official website revealed that its U.S. equities business operates on an "Introducing Broker + Clearing Broker" framework: Nest Trading handles order routing, while Alpaca Securities LLC manages trade execution, clearing, settlement, and asset custody. The introducing broker, Nest Trading Limited (formerly BCI Limited), was authorized as a Broker-Dealer by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) in late 2025, launching formal operations on January 5, 2026. Its approved activities include principal dealing, deal arrangement, asset management, custody services, and custodianship coordination. Paired with Nest Exchange Limited (its trading platform) and Nest Clearing and Custody Limited (its clearing and custody arm), it forms one of three pillars of Binance’s ADGM operations. Headquartered at Office 4607, Addax Tower on Reem Island in Abu Dhabi, its official site is linked to Binance, overseeing OTC trading, Convert (spot trading), Earn, and other Binance platform services. Alpaca Securities LLC is a Silicon Valley-based fintech firm that provides global financial institutions with end-to-end securities trading, clearing, and custody infrastructure via a modern API. It 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 the Securities Investor Protection Corporation (SIPC). The Information previously reported that Alpaca controls roughly 94% of the U.S. tokenized equities and ETFs market share. Alpaca has also launched its Instant Tokenization Network, in partnership with Ondo Finance, Dinari, xStocks, and the Solana Foundation, enabling fast 1:1 conversion between U.S. equities and on-chain assets. Put simply, Ondo Global Markets—Ondo’s tokenized equities/ETF platform—relies on Alpaca’s Broker API. Alpaca serves more than 300 fintech and institutional clients, supporting over 9 million brokerage accounts (as of early 2026) across equities, ETFs, options, and cryptocurrencies. Key audit data from late 2025 shows the company holds roughly $1.386 billion in total assets, $631 million in client protection funds, and net capital over $100 million—well above regulatory minimums. Public records show no prior ties between Binance, CZ, or He Yi and Alpaca Securities LLC. In January 2026, Alpaca closed a $150 million Series D funding round that valued the company at $1.15 billion. Backers include Drive Capital, Citadel Securities, Kraken, MUFG, and others. With over $320 million in total funding raised, Alpaca is now a unicorn API broker.