Nest Trading Limited, the entity behind Binance's US stock trading services, has been identified as an affiliate of Binance, according to the Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority's public register. Nest Trading, which completed its registration with ADGM on January 5, 2026, holds a financial license covering investment arrangements, agency and proprietary trading, asset management, and money services. However, it is restricted from holding client funds, with execution and custody managed by Alpaca Securities. Binance had previously described Nest Trading as an independent referral broker. The company is part of a broader strategy by Binance to establish a comprehensive on-chain securities infrastructure, with three "Nest" entities in Abu Dhabi focusing on trading system operations, custody, and asset management.