Which crowdfunding platform type requires compliance with regulations to avoid registering as a securities broker-dealer?

• A. Donative crowdfunding
• B. Aggregator Websites
• C. $1 Million Limit Crowdfunding
• D. Grants portal

Answer: (B)

Crowdfunding intermediaries come in several forms, and how they operate determines what regulatory status they risk or fit into. Aggregator websites sit at the line where they present multiple campaigns from different issuers in one place. Because they could influence which securities are seen and considered, regulators look closely at whether they are merely sharing information or actually facilitating a sale, negotiating terms, or handling funds. To avoid being treated as a securities broker-dealer, these platforms must keep their role strictly informational—no investment advice, no term negotiations, and no fund handling—so they don’t cross into broker activity. If they start performing functions that amount to brokering, they would trigger broker-dealer registration requirements (or push into other regulated avenues like a registered funding portal or broker-dealer). The other options either involve non-securities activities (donative or grants platforms) or directly engage in investment offerings that by their nature fall under securities regulation and registration requirements, rather than posing the specific classification risk described. So, the platform type that centers on regulating its activities to avoid broker-dealer status is the aggregator websites.