When writing this article, I missed a @Backpack_CN.

In fact, BackPack also has its own brokerage service entity, Backpack Securities Global Ltd, as the global operating entity, complying with New York State laws, and utilizing DTCC as the settlement layer.

So from the current perspective, Coinbase, Binance, BIT, and Backpack are all structured in three layers: exchange front end + proprietary service broker + underlying settlement broker.

Therefore, I believe a more accurate classification should be as follows:

Coinbase follows the U.S. domestic broker-dealer route, serving U.S. users, first engaging in traditional U.S. stocks and ETFs.

Binance's structure consists of the Binance front end, Nest Trading acting as an introducing broker, and then routing securities orders to Alpaca, which is responsible for execution, clearing, settlement, and custody. Next, it will preview bStocks.

BIT's structure is similar, with BIT's own front end, and the underlying stock trading being supported by partnered U.S. licensed brokers, having established partnerships with three U.S. licensed institutions: Clear Street, RQD Clearing, and Atomic Vaults Securities (AVS).

Backpack features the Backpack front end, with Backpack Securities serving as the securities service entity, and it completes securities holding, transfer, and settlement through traditional brokerage infrastructure, ACATS, and DTCC-compatible systems, while bridging traditional securities and on-chain Tokenized Securities.

So the common point among these four platforms is that they do not convert the exchange itself directly into a securities clearing and custody entity; rather, they add a layer of proprietary securities service entity between the exchange and the underlying U.S. stock infrastructure.

This intermediate layer is crucial because it resolves how cryptocurrency exchanges can access traditional securities. The difference is that Coinbase can serve U.S. users, while the other three cannot serve U.S. users.

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