Binance is widening its push into traditional markets by adding options trading tied to more than 1,000 US stocks and exchange-traded funds (ETFs) for eligible users located outside the United States. The rollout uses Binance’s Abu Dhabi-regulated broker-dealer, Nest Trading, while trades are routed to US-registered Alpaca Securities for execution, clearing, settlement, and custody.

The move extends Binance’s existing equities offering, which already covers over 7,000 US stocks and ETFs. Importantly for users comparing products, Binance says the options are physically settled—meaning exercising the contracts results in delivery of the underlying shares, rather than cash or equity-linked perpetual exposure.

Key takeaways

• Binance will offer options on more than 1,000 US stocks and ETFs to eligible non-US users, expanding beyond its current equities lineup.
• Execution, clearing, settlement, and custody are handled via US-registered Alpaca Securities, with product distribution through Nest Trading in Abu Dhabi.
• The options are physically settled, delivering or receiving underlying shares upon exercise.
• Binance points to a sharp rise in traditional-finance derivatives activity on its platform, citing August volume of about $433 billion for TradFi perpetual futures.
• The broader “tokenized securities” trend continues to grow, with RWA.xyz data showing tokenized stocks at about $2.6 billion in distributed value.

Binance adds physically settled options for eligible users outside the US

Binance’s latest expansion targets a segment of traders and hedgers who want listed equity exposure with options’ payoff structure. The company’s announcement frames the update as part of an accelerating shift toward traditional finance tools on crypto exchanges, while also emphasizing operational routing through regulated entities.

Under the plan described by Binance, Nest Trading—licensed as a broker-dealer in Abu Dhabi—will provide the options offering. Orders then go to Alpaca Securities for the steps that typically require local market infrastructure: execution, clearing, settlement, and custody.

That structure matters because options trading is operationally complex and heavily dependent on established market plumbing. Binance’s approach effectively bridges its platform access with US securities-market processes, at least for how orders are finalized and where custody is maintained.

Binance also highlighted that, unlike equity-linked perpetual futures, these options are physically settled. For users, that difference is not cosmetic: physically settled contracts tie the end result to actual share delivery, which can affect strategy design, capital planning, and how positions are managed around exercise and settlement.

Traditional derivatives activity on Binance continues to climb

Alongside the product announcement, Binance cited demand signals from its existing derivatives suite. The company said trading in traditional financial products has increased, pointing specifically to TradFi perpetual futures volume of about $433 billion in August—roughly 15 times January’s total.

While the update is about options availability, Binance’s volume comparison is relevant to investors and traders because it suggests that the platform’s traditional-finance expansion is already pulling meaningful participation. The company’s decision to add options can be interpreted as a response to that engagement: if perpetual exposure is drawing liquidity and usage, adding options may offer more hedging and risk-management capabilities without asking users to leave the exchange ecosystem.

Still, traders should keep expectations grounded. The cited volume figures refer to TradFi perpetual futures, not options volume. The options rollout may attract different behavior—especially for participants who prioritize exercise outcomes and settlement mechanics—so it may take time before Binance’s options markets display the same liquidity profile as its perpetual products.

Tokenized equities keep gaining traction across major exchanges

Binance’s expansion lands amid a wider push by crypto-native firms and traditional brokers into tokenized securities infrastructure. According to RWA.xyz data, tokenized stocks now have about $2.6 billion in distributed value, up from roughly $346 million in the same period a year earlier. The same dataset shows monthly transfer volume rising 93% over the past 30 days to $25.1 billion, alongside a 157% jump in the number of holders to nearly 2.5 million.

These indicators are meaningful because they reflect both growth in asset representation onchain and increased network activity around transfers. In practice, that can improve the usability of tokenized equities—supporting more frequent settlement and more participants accessing the same onchain assets.

Binance’s options addition also fits a broader pattern: multiple venues have been moving toward tokenized equities access for non-US markets, expanding the number of tradable symbols and improving availability windows.

Recent competition: Coinbase, Kraken, and Robinhood expand tokenized equities access

Last week, Coinbase introduced its B20 tokenized equities offering on Base, aiming to give eligible non-US users around-the-clock access to onchain versions of major US companies including Apple, Nvidia, Meta, and Alphabet. Coinbase’s framing also emphasizes interoperability, noting that tokenized assets can be used in DeFi protocols for functions such as trading and collateralized borrowing—an area where onchain distribution can differ from conventional brokerage settlement.

Separately, Kraken expanded its equities reach in August by opening access to more than 7,000 US-listed stocks for eligible European customers, pairing the new offering with its existing lineup of tokenized xStocks. The emphasis here, like other tokenized equities strategies, is scale: more symbols, more customers, and more continuous access can raise the utility of onchain wrappers for traditional assets.

Earlier in the year, Robinhood launched Robinhood Chain and introduced a new generation of Stock Tokens, positioning the effort for eligible users across more than 120 countries. That move underscored the growing interest from consumer- and broker-style platforms in building their own onchain securities rails rather than relying only on existing tokenization partnerships.

Together, these developments highlight a key industry tension: while crypto exchanges and tokenization providers talk about 24/7 access and broader composability with DeFi, the underlying regulatory and settlement requirements still constrain where certain products can be offered and how they settle. Binance’s physically settled options structure—paired with routing to US-registered execution and custody infrastructure—illustrates how that balance is being managed in practice.

For market participants, the next things to watch are practical: how quickly Binance’s new options markets attract liquidity, whether physically settled mechanics influence user onboarding compared with equity offerings alone, and how fast onchain equities activity continues to grow given the RWA.xyz indicators. As more venues add traditional instruments to crypto-adjacent platforms, the competitive edge may increasingly hinge on execution quality, settlement reliability, and access for the right jurisdictions rather than on product announcements alone.

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Binance is expanding further into traditional finance by launching options trading on more than 1,000 US stocks and exchange-traded funds for eligible users outside the United States.

The options will be offered through Binance’s Abu Dhabi-regulated broker-dealer, Nest Trading, with orders routed to US-registered Alpaca Securities for execution, clearing, settlement and custody.

The launch builds on Binance’s existing equities offering of more than 7,000 US stocks and ETFs and adds to a growing lineup of traditional financial products available through the platform.

Unlike equity-linked perpetual futures, the options are physically settled, meaning users who exercise them receive or deliver the underlying shares.

According to Binance, the expansion comes as trading in traditional financial products on the platform has accelerated, with TradFi perpetual futures volume reaching about $433 billion in August, roughly 15 times January’s total.

Related: Binance says employees questioned in UAE cleared and released

Tokenized stock market surges as exchanges expand offerings

As crypto exchanges and traditional brokerages expand into tokenized equities, the onchain stock market has expanded sharply over the past year.

Tokenized stocks now have about $2.6 billion in distributed value, up from roughly $346 million at the same time last year, according to RWA.xyz data. Monthly transfer volume has also climbed 93% over the past 30 days to $25.1 billion, while the number of holders has surged 157% to nearly 2.5 million.

The value of tokenized stocks. Source: RWA.xyz

Last week, Coinbase brought its B20 tokenized equities to Base, giving eligible non-US users 24/7 access to onchain versions of stocks including Apple, Nvidia, Meta and Alphabet. The assets can also be integrated into DeFi protocols for uses such as trading and collateralized borrowing.

Kraken also pushed deeper into equities in August, opening access to more than 7,000 US-listed stocks for eligible European customers and placing them alongside its growing lineup of tokenized xStocks.

In July, US online brokerage Robinhood launched Robinhood Chain alongside a new generation of Stock Tokens available to eligible users in more than 120 countries.

Magazine: Mystery surrounds why an OG burned $1M in Bitcoin

Kast has launched a stablecoin-based business platform offering accounts, cards, transfers in more than 20 currencies, and returns of up to 8% APY across over 170 countries.

Kast said its new KAST Business platform gives companies a single service for receiving money, holding stablecoins, issuing cards, and paying workers or vendors across different markets.

Businesses can receive fiat through virtual accounts supplied by regulated partners. Customers may also fund their accounts with supported stablecoins and other crypto assets, although Kast has not published a complete list of eligible tokens for every jurisdiction.

After funds arrive, companies can issue virtual cards for employees, vendors or subscriptions. The platform also supports local payouts in more than 20 currencies, giving internationally distributed teams an alternative to managing separate bank accounts and payment services.

Kast said the service reaches more than 170 countries, but access to individual products depends on the customer’s location and the rules applied by its financial partners. Account features, card availability, and transfer options may therefore differ between jurisdictions.

Kast Business combines payments with stablecoin balances

The platform brings several functions normally offered by separate providers into one dashboard. Along with receiving and sending funds, business owners can create virtual cards and assign them to individual team members or recurring expenses.

Kast’s business page says companies can issue hundreds of virtual cards and set separate spending limits. Customers can use the cards for operating costs, including software subscriptions, vendor bills and online advertising, subject to the company’s eligibility rules and card controls.

Card spending can generate cashback of up to 3%, according to Kast. The actual rate depends on the customer’s membership level, transaction type, monthly spending limit, and location.

Standard cardholders receive a lower rate than customers on paid tiers. Kast’s published card terms show that foreign exchange fees can also range from 0.5% to 1.75%, depending on the country, transaction, and card program, meaning the advertised cashback rate does not apply equally to every payment.

For cross-border transfers, companies can receive money through fiat accounts before moving it through stablecoin infrastructure. The structure gives businesses a way to accept traditional bank payments while using digital assets for treasury operations or settlement.

A similar model has begun appearing among other payment companies. In July, Ramp launched accounts that let companies hold USDC and USDT, send stablecoins at any time, and settle payments in more than 40 local currencies across over 140 countries.

The 8% APY comes with product and jurisdiction limits

Kast advertises returns of up to 8% APY on idle business balances. The company says the return comes from short-term U.S. Treasuries and stablecoin yield, but the maximum rate should not be treated as a fixed return available to every customer.

Kast has not detailed on its public business page how much of the advertised return comes from Treasury assets and how much comes from other stablecoin strategies. The company also has not provided a full public breakdown of the underlying products, counterparties, fees, or conditions required to receive the highest rate.

An APY shows the annualized return after compounding and does not mean customers will receive 8% over a shorter holding period. Rates generated by Treasury instruments or crypto-market activity can change as market conditions, fees, and strategy performance change.

As a June explainer from crypto.news noted, stablecoin-linked returns can come from several sources, including government debt, lending markets, trading strategies and platform-funded rewards. Each structure carries different custody, liquidity, counterparty, and regulatory risks.

Kast identifies itself as a financial technology company, not a bank. Regulated account and payment services are supplied through licensed partner institutions, according to the company.

Customers would therefore need to review the terms for the specific fiat account, stablecoin balance, and yield product they use. Kast’s description does not state that every balance qualifies as an insured bank deposit, while digital assets and investment products generally do not receive the same protections as deposits held directly at an insured bank.

U.S. rules place stablecoin rewards under scrutiny

For U.S. businesses, the yield feature arrives while regulators and lawmakers continue to examine how stablecoin rewards should be treated.

The GENIUS Act created a federal framework for payment stablecoins and prevents payment stablecoin issuers from paying interest or yield solely for holding their tokens. The restriction does not automatically settle how a separate fintech platform may offer rewards or returns through an account, Treasury product, or another investment arrangement.

Kast’s description presents the return as a feature attached to business balances and says it is powered by short-term U.S. Treasuries and stablecoin yield. The company has not publicly explained whether U.S. customers can access the same maximum rate or which legal structure governs the product in the United States.

Availability may also depend on the licensed partner holding the funds, the type of asset placed in the account, and whether a yield product falls under banking, securities, or another set of financial rules. Kast’s statement that services vary by jurisdiction leaves open which business features will be offered to American companies at launch.

U.S. users may also face tax reporting obligations when they receive yield or cashback, depending on how each payment is classified. Kast has not published product-specific U.S. tax guidance for the new business service, so customers would need to rely on their transaction records and professional advice when reporting income.

Kast targets up to 5,000 active businesses in 2026

Kast launched the business product after closing an $80 million Series A funding round in March at a reported valuation of $600 million.

The company said it would direct the capital toward product development, licensing, and expansion in North America, Latin America, and the Middle East. Kast claims more than 1 million users and plans to bring between 1,000 and 5,000 active companies onto KAST Business by the end of 2026.

Before the business-platform rollout, Kast appointed former U.S. Securities and Exchange Commission senior adviser Stephanie Allen as head of corporate and policy communications. The April appointment placed Allen in charge of the company’s engagement with policymakers, industry groups and media as Kast expanded its stablecoin services in North America and Latin America.

Prediction market platform Kalshi has imposed lifetime and multi-year trading bans on US House of Representatives candidates Laurie Buckhout and former Republican lawmaker George Santos, citing violations of rules that prohibit traders who can influence an event’s outcome from trading on contracts tied to that same event.

The compliance notices, announced Friday, mark one of Kalshi’s most serious enforcement actions since the platform launched in 2021. They also land amid heightened political and regulatory scrutiny of prediction markets, particularly claims that some event contracts could be manipulated.

Key takeaways

• Kalshi permanently suspended George Santos from trading on its prediction markets and imposed a $71,356 penalty, according to a settlement notice.
• Laurie Buckhout received a three-year trading suspension and a $2,590 penalty following Kalshi disciplinary action.
• Kalshi tied both restrictions to alleged rule-breaches involving event contracts that could be influenced by the candidates’ own actions.
• The moves follow broader enforcement concerns as regulators and lawmakers push back on whether prediction markets can be adequately controlled against manipulation.

Lifetime ban for George Santos after alleged event-linked trading

In its notice of settlement of disciplinary action, Kalshi said it had permanently suspended Santos from trading on the platform and assessed a $71,356 penalty. The company’s account attributes the action to investigation findings that Santos traded using event contracts connected to matters tied to his own public schedule and actions.

Kalshi said Santos “engaged in trading activity in certain markets related to his attendance at the State of the Union address” in February 2026. Under Kalshi’s rules, the platform prohibits trading on contracts where the trader is a decision maker, or has any influence—direct or indirect—over the outcome of the underlying event.

“If a Trader is a decision maker, either directly or indirectly, or has any influence, directly or indirectly, no matter the scale and importance of the influence, on the outcome of the Underlying event of any Contract, that Trader is prohibited from attempting to enter into any trade, either directly or indirectly, on the market in such Contracts,” Kalshi’s rules state.

Notably, Kalshi’s compliance notice did not say whether Santos cooperated with the investigation. Santos, however, publicly disputed Kalshi’s approach afterward, calling the platform “unserious” in a post on X.

Three-year suspension for Buckhout tied to her own candidacy

Kalshi said its investigation into Buckhout led to a three-year suspension from trading and a $2,590 penalty. In its notice of settlement, the company described Buckhout—running in North Carolina’s 1st congressional district—as having announced her candidacy and being added as a market option for a contract on the North Carolina congressional election.

In describing the conflict, Kalshi referenced its rules on influence over an event’s outcome, emphasizing that if a trader has any meaningful ability to affect the underlying result, they are barred from trading on related contracts. Kalshi’s compliance department reported that Buckhout “cooperated with the inquiry” and agreed to the trading ban and penalty.

Buckhout remains a Republican candidate for the 2026 midterm elections in North Carolina’s 1st congressional district. Reports also indicated her comment after the settlement characterized her alleged conduct as a “dumb mistake.”

Why Kalshi’s enforcement matters for prediction market trust

These settlements are significant not only for the individuals named but also for how prediction markets defend themselves against manipulation concerns. Kalshi’s argument is essentially compliance-based: once someone can plausibly affect or influence an event tied to a market—whether by office-holding, public participation, or other decision-making—the market platform draws a line between ordinary speculation and trading while holding influence over the event.

That stance comes as prediction market platforms continue to face pressure from both federal and state authorities. Kalshi has already been in the crosshairs over event-contract conduct, and the new enforcement actions can be read as part of a broader attempt to demonstrate internal policing.

The same tension has also appeared in enforcement actions involving people connected to political communications. Earlier, federal regulators fined Gabriel Perez, described as President Donald Trump’s teleprompter operator, after trading event contracts on Kalshi related to Trump’s speeches. Kalshi’s latest disciplinary actions, while involving different individuals and circumstances, reinforce the idea that regulators and lawmakers are watching whether event markets can be gamed by participants whose own actions shape outcomes.

Prediction markets still face a legal battle over jurisdiction

Beyond Kalshi’s internal discipline, the wider market faces legal uncertainty in the United States. According to the article’s referenced context, Kalshi and other prediction platforms such as Polymarket have been hit by lawsuits filed by individual US state gaming authorities. Those suits allege the platforms facilitate illegal bets on sporting events.

At the same time, the US Commodity Futures Trading Commission (CFTC) has argued that it holds “exclusive jurisdiction” over prediction markets, and the CFTC chair, Michael Selig, has said the agency will pursue legal action against state authorities that challenge that position.

Earlier this year, the CFTC used rare emergency authority in a dispute involving New York’s attempt to bar Kalshi from offering certain types of contracts tied to sports, elections, and other events. The case reflects a broader regulatory asymmetry: even when platforms claim they are operating under federal frameworks, state-level enforcement threats can still shape market access, product design, and long-term compliance strategy.

Buckhout’s market remains live despite sanctions

Even with Buckhout sanctioned, Kalshi’s contracts tied to her election outcome appear to remain listed. As of Tuesday, Kalshi still showed event contracts related to the result of Buckhout’s North Carolina race, displaying probabilities for Democratic incumbent Don Davis versus Buckhout.

That detail matters for traders and observers because it highlights a separation between disciplinary action against a participant and the ongoing availability of the underlying contract market—an important operational question for anyone evaluating liquidity, pricing accuracy, and how quickly markets reflect compliance-driven changes.

Going forward, market participants should watch whether Kalshi expands similar enforcement across other categories of politically connected events, and whether the CFTC’s jurisdiction stance continues to deter or intensify state-level lawsuits—developments that could reshape which prediction markets remain accessible in the US and under what compliance standards.

In a post that attracted over 800,000 views yesterday, a pseudonymous crypto trader claimed to have bought a ‘controlling stake’ in a NASDAQ-listed pennystock for $1.8 million with a quirky plan to squeeze short-sellers through the power of memecoins.

Dropping clues obviously intended to drum up interest in his bizarre investment, he announced tantalizing plans to tokenize his equity, pairing it with a memecoin, and launch a short-squeeze campaign against the ‘92.3%’ of the float that he claimed was already sold-short.

There was one problem with his wild tale, however. No such company exists. 

A proposed Community Note on X correctly debunked the possibility that he could have bought shares in a company matching his description.

Three hours later, the attention-seeker admitted that he had fabricated some of those numbers, recasting his original post as intentionally obscure despite an otherwise sincere effort.

Delusional memecoin ‘trading’ of Nasdaq stocks

In this case, the backpedal is notable because it demonstrates a repeating pattern of misinformation about real stocks from crypto influencers.

Indeed, just one night prior, memecoin traders tried to squeeze short-sellers on Nasdaq-listed Hims & Hers. That effort entirely failed because, to state the obvious, memecoin trades do not oblige Nasdaq stocks to change their price.

Over the summer, crypto influencers tried to revive a short-squeeze narrative using chatter about tokenizing NYSE-listed GameStop using memecoins or Robinhood Chain smart contracts.

Horrifyingly, a researcher found 354 out of 361 Robinhood Chain contracts using the GME ticker had absolutely no link to Gamestop’s actual GME stock.