Legal liability of crowdfunding platforms

Access to financial resources is of vital importance for companies to ensure sustainable growth and operational continuity from their early stages of establishment. However, the increasing level of competition in globalized markets, along with periodic economic crises, has made access to external financing particularly challenging for seed and early-stage entrepreneurs and ventures. In particular, regulatory restrictions targeting the banking sector and the high costs associated with accessing capital markets have led such enterprises to seek alternative sources of finance. As a result of significant advancements in the field of financial technologies (FinTech), one of the alternative methods developed in response to these limitations has been crowdfunding, an innovative financing model that connects entrepreneurs seeking capital with individual investors through online platforms. Within this tripartite structure, crowdfunding platforms function not only as technical intermediaries but also as entities that bear critical responsibilities in ensuring the transparency and reliability of the funding process. The purpose of this study is to examine the legal liability of crowdfunding platforms, which represent a relatively new area within Turkish capital markets law, from a multidimensional perspective. In this context, the first chapter addresses the definition of crowdfunding, its fundamental principles, model types, and relevant regulations under comparative law. The second chapter focuses on the crowdfunding process and the role of platforms within the framework of the Capital Markets Law No. 6362. The third and final chapter analyzes the legal liability regime of platforms under both comparative and Turkish law, examining potential cases of liability, certain specific legal issues that may arise, and the judicial remedies available for addressing such claims.