According to Wu Blockchain, Binance recently launched U.S. stock and ETF trading services. In Section 11 of the 'Securities Trading Product Terms,' it explicitly discloses the revenue-sharing arrangement with Alpaca, including Binance receiving 50% of the payment for order flow (PFOF) collected by Alpaca. Users can choose to lend fully owned securities to institutional borrowers (for short selling, market making, etc.), with Alpaca collecting lending fees. After paying interest to users, Binance receives 65% of Alpaca's remaining excess revenue. Additionally, the terms disclose that Binance holds a minority equity stake in Alpaca. https://(wublock123.com)/news/binance-us-stock-etf-disclosure-alpaca-revenue-share-minority-equity-62150