Binance U.S. equity business interest chain: 50% payment fee for order flow and 65% loan profit for minority stake in Alpaca

According to Binance official disclosures, Alpaca is not only the clearing broker for its U.S. stock business, but Binance also holds a minority stake in Alpaca. Under the agreement, Binance will receive 50% of Alpaca's order-flow payment fee (PFOF) and 65% of the remaining profits of users 'stock borrowing, after deducting user interest.<br /> Binance's recently launched U.S. stock business adopts the "introducing broker + clearing broker" model. NestTrading is responsible for order referral, and Alpaca is responsible for transaction execution, clearing, settlement and asset custody. Among them, AlpacaSecurities LLC is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC). It is also a member of the U.S. Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). It has approximately 94% of the market share of tokenized U.S. stocks and ETFs.