Binance has started selling U.S. stocks and ETF options. The most important thing to notice in the announcement is the four words: physical settlement. The product has reached a more core level of traditional brokerage. Trading, expiration, exercise, and settlement all need to be integrated into the same account system. In the past, exchanges competed on the speed of listing coins. Now the competition is about who can integrate crypto, stocks, ETFs, and options into one account, while also stabilizing clearing and risk control.