Overview
- Binance is offering physically-settled call and put options that, when exercised, convert into real U.S. shares or ETFs held in custody by Alpaca Securities.
- The initial rollout is long-only so users can buy calls or puts but cannot write options or open short positions, and buyer losses are limited to the premium paid.
- Phase one accepts only limit orders during regular U.S. market hours for most stocks with some ETF options extending a few minutes later, and the platform does not support pre-market or after-hours trading.
- The service is available to eligible non-U.S. customers through Nest Trading as the introducing broker and excludes U.S. retail users, with Binance not publishing a complete list of supported underlyings or a timetable for added features.
- The move follows Binance’s broader push into traditional finance products after earlier equity access and a surge in TradFi perpetual volumes, and it could shift retail flow toward crypto exchanges that partner with regulated brokers for custody and settlement.