web3/concepts/broker.md

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Markdown

# Broker
In financial regulation, a broker is a company that acts as an intermediary between individual investors and a [securities](security.md) exchange or [market maker](market-maker.md).
Crypto exchanges are not regulated as brokers, but instead as [money services businesses](money-services-business.md).
See also [market maker](market-maker.md) and [regulation](../claims/regulation.md).
## References