Official Binance documents have disclosed a revenue-sharing agreement with Alpaca, a provider of custody and brokerage infrastructure APIs. According to Binance's securities trading terms, Binance will receive 50% of Alpaca's payment for order flow (PFOF) fees, as well as 65% of the residual profit from lending out user stocks after paying interest to users. Alpaca provides the brokerage, clearing, and custody infrastructure for Binance's stock trading products.
Previously, Binance launched trading access to over 7,000 US-listed stocks and exchange-traded funds (ETFs), and previewed a tokenized stock product called bStocks. As of December 2025, Alpaca had $480 million in assets under custody. (Cointelegraph)