Binance’s U.S. stock service combines Abu Dhabi Global Market licensing through Nest Trading with order routing, while Alpaca Securities handles execution, clearing, settlement, and custody through a multi-entity structure.
Binance’s U.S. stock offering uses a multi-entity structure centered on Nest Trading Limited, a Binance-linked introducing broker registered in Abu Dhabi Global Market on January 5, 2026, months before the service launched. Nest Trading handles introducing-broker and order-routing functions, while Alpaca Securities manages execution, clearing, settlement, and custody. Binance also disclosed three Abu Dhabi-based "Nest" entities covering exchange, custody, and trading services, indicating broader local operational support. According to the provided information, Alpaca holds 94% of the tokenized U.S. stocks and ETF market and completed a $150 million Series D round in January 2026 at a $1.15 billion valuation, underscoring its role as a major tokenized equities infrastructure provider.