There is a long list of activities you cannot do on the Uniswap interface, including market manipulation, trading unregistered securities, and cyberattacks, and if you do them you are personally responsible for any legal costs or damages that result.
This analysis describes what Uniswap's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
The clause creates enforceable restrictions on user conduct and establishes a contractual indemnification obligation that shifts defense costs and liability exposure to users for claims connected to term violations. This allocation of responsibility ensures the platform operator is protected against third-party claims stemming from prohibited user activities.
Interpretive note: The clause defines certain prohibited activities by reference to Uniswap Labs' own discretion (e.g., assets it determines to be securities), which creates interpretive ambiguity for users about the precise scope of prohibited conduct at any given time.
If you use Uniswap in a way that turns out to violate these terms, including activities you may not have realized were prohibited, you could be personally liable for Uniswap's legal defense costs and any resulting damages.
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"You agree not to engage in, or attempt to engage in, any of the following categories of prohibited activity in relation to your access and use of the Interface: Intellectual Property Infringement... Cyberattack... Market Manipulation... Securities and other regulated activities (including but not limited to engaging in transactions in Digital Assets that Uniswap Labs determines, in its sole discretion, to be a security under applicable law without obtaining any required registrations or qualifications)... You agree to indemnify and defend us, at your expense, against any and all claims, damages, costs, and expenses, including attorneys' fees, arising out of or relating to: your use of the Interface in violation of these Terms.— Excerpt from Uniswap's Uniswap Terms of Service
(1) REGULATORY LANDSCAPE: The prohibition on trading unregistered securities through the interface engages SEC jurisdiction and reflects the ongoing regulatory uncertainty around digital asset classification. The market manipulation prohibition engages both SEC and CFTC authority depending on the asset type. The indemnification clause tied to these prohibitions creates direct financial exposure for users who violate applicable securities or commodities laws through the interface. (2) GOVERNANCE EXPOSURE: Medium. The prohibited activities list is broad and includes some categories defined by reference to Uniswap Labs' own discretion (e.g., assets it determines to be securities). This creates interpretive uncertainty for users about which activities are permitted at any given time. The indemnification obligation is unlimited in scope, contrasting sharply with the $100 cap on Uniswap's own liability. (3) JURISDICTION FLAGS: The securities activity prohibition is most directly relevant to US users given SEC jurisdiction, but may also engage EU MiCA (Markets in Crypto-Assets) regulation for EU users. Market manipulation prohibitions apply broadly across major jurisdictions. Users in jurisdictions with specific digital asset licensing regimes should evaluate whether their activities fall within local regulated activity definitions. (4) CONTRACT AND VENDOR IMPLICATIONS: Institutional users should note the asymmetry between the indemnification obligation imposed on users (unlimited) and the liability cap imposed on Uniswap ($100). B2B integrators embedding the interface in their products should ensure their users are aware of the prohibited activities list and consider whether downstream indemnification provisions are appropriate. (5) COMPLIANCE CONSIDERATIONS: Legal teams should map the prohibited activities list against their clients' intended use cases and document compliance. The market manipulation and unregistered securities prohibitions are particularly relevant for institutional trading desks or market makers using the interface, and should be reviewed in conjunction with applicable securities and commodities compliance programs.
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The clause creates enforceable restrictions on user conduct and establishes a contractual indemnification obligation that shifts defense costs and liability exposure to users for claims connected to term violations. This allocation of responsibility ensures the platform operator is protected against third-party claims stemming from prohibited user activities.
If you use Uniswap in a way that turns out to violate these terms, including activities you may not have realized were prohibited, you could be personally liable for Uniswap's legal defense costs and any resulting damages.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Uniswap.