Binance deepens TradFi push with physically settled options on over 1,000 US equities

Binance is putting options on more than 1,000 selected US stocks and exchange-traded funds inside the same account that already offers crypto and several forms of equity exposure.The product is limited to eligible users outside the US, and the securities machinery behind the offer does not belong to Binance.The company said on Sept. 1 that Nest Trading Limited will introduce the orders and route them to Alpaca Securities LLC. Alpaca will execute, clear, and settle the trades, then custody any shares delivered when an option is exercised.Eligible customers can move among more products without leaving Binance, while Nest and Alpaca carry distinct responsibilities behind the scenes.Who does what behind BinanceBinance is the customer-facing access point, Nest Trading is the introducing broker, and Alpaca provides execution and post-trade infrastructure.An options customer places an order through Binance, but Nest introduces it to Alpaca. If physical settlement produces shares, Binance says Alpaca holds them on the user's behalf.Graphic shows Binance stock-option orders flowing through Nest Trading and Alpaca Securities before delivered shares reach customers after exercise.Nest's Abu D...