According to disclosure materials from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), Nest Trading Limited, the brokerage firm in charge of Binance's U.S. stock trading service, has been confirmed as a Binance affiliate.

Nest Trading was registered with the ADGM on January 5 of this year, and its official website registration information was also found to point to Binance. Previously, Binance explained that the company is an 'Independent Introducing Broker' that transmits user orders to Alpaca Securities.

Nest Trading holds licenses for investment brokerage, asset management, proprietary trading, currency services, and custody. However, due to regulatory reasons, it cannot directly hold or control user funds and assets; the actual order execution, clearing, and asset custody are solely handled by Alpaca Securities.