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Binance on Monday opened zero-commission trading in more than 7,000 U.S.-listed stocks and exchange-traded funds to eligible customers outside the United States, and said a tokenization layer called bStocks will follow on its BNB Chain in the coming weeks, according to the company and an exclusive interview co-CEO Richard Teng gave Fortune.
Customers can buy fractional shares starting at $5, pay a $0.35 minimum platform fee per order, and fund positions in USDC, USDT, BNB, USD1, or $U. Certain securities trade 24/5. Orders are routed by Nest Trading Limited — Binance's Abu Dhabi Global Market-regulated introducing broker — to Alpaca Securities, the New York-based clearing broker that executes the trades, custodies the shares, and passes through dividends and corporate actions. Eligible users will be able to lend their shares back to the platform through a Fully Paid Securities Lending program.
The launch puts the world's largest cryptocurrency exchange by trading volume into direct competition with retail brokerages in emerging markets where Binance built its user base, and into the same tokenized-equities race that Coinbase, Kraken, and Robinhood entered over the past six months. U.S. equities are "well over half of the global market" but remain "costly and difficult to access for investors in many overseas markets," Teng told Fortune.
