Binance has started options trading on about 1,000 U.S. stocks and exchange-traded funds for eligible users outside the United States.

Cointelegraph reported on Monday that the product can be used through a single Binance account and is offered with physical delivery of the underlying asset.

The options product is offered through Nest Trading, a Binance-affiliated broker-dealer regulated in Abu Dhabi. U.S.-registered brokerage Alpaca Securities is responsible for order execution, clearing, settlement and custody. Binance already runs a lineup of more than 7,000 U.S. stock and ETF spot products, and the options launch expands its range of traditional financial products.

The key is the structure. Unlike stock-linked perpetual futures, the new options from Binance are physically settled. When users exercise an option, it does not end with cash settlement and they will receive or deliver the underlying shares. It is closer to a traditional securities-based derivative rather than a simple price-exposure product.

Binance said trading in traditional financial products on its platform is rising quickly. It said traditional-finance perpetual futures trading volume in August was tallied at about 433 billion dollars, about 15 times higher than in January. The options launch can also be seen as an expansion to meet that growth in demand.

Market trends are similar. As cryptocurrency exchanges and traditional brokers move to expand access to tokenised stocks and overseas equities, the on-chain stock market is also growing quickly. RWA.xyz data showed the total value locked in tokenised stocks was about 2.6 billion dollars, up sharply from about 346 million dollars a year earlier. Over the past 30 days, monthly transfer volume rose 93 percent to 25.1 billion dollars, and the number of holders increased 157 percent to about 2.5 million.

Rivals are taking similar steps. Coinbase last week introduced B20 tokenised stocks on Base and began offering eligible users outside the United States 24-hour on-chain versions of shares including Apple, Nvidia, Meta and Alphabet. The assets are designed to be linked not only to trading but also to DeFi protocols such as collateralised lending.

Kraken also opened access in August for eligible European customers to about 7,000 U.S.-listed stocks. The product is being offered along with xStocks, a tokenised stock lineup that Kraken is expanding. Robinhood in July launched a new stock token product for eligible users in more than 120 countries together with the Robinhood Chain.

Against this backdrop, Binance's launch shows crypto exchanges are broadening their business beyond digital-asset trading to bundle stocks and derivatives under a single account. As regulatory-compliant, indirect models for securities access are increasing mainly for users outside the United States, a key question is whether the division of roles between exchanges and brokers will expand further.