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 prohibited activities list is broad, and violating it triggers personal indemnification liability, meaning you could be responsible for Uniswap's legal fees and damages if your activities cause them legal problems.
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.
The updated terms establish new contractual representations that users must make when agreeing to the agreement. Users now represent that they are not subject to economic or trade sanctions administered by any governmental authority, including OFAC lists, and that they are not citizens or residents of sanctioned jurisdictions. Users also represent that their access and use will comply with all applicable laws and will not be used to conduct or facilitate illegal activity. These representations are legally binding attestations that may be verified. Users in OFAC-sanctioned countries cannot truthfully make these representations and would be unable to use the platform.
View change record →The updated terms establish new restrictions on user conduct and add affirmative representations regarding asset eligibility. Users trading tokenized real-world assets (such as tokenized stocks, ETFs, or commodities) must now represent that they have reviewed issuer information and comply with any restrictions on trading or holding those assets. The terms also explicitly prohibit circumventing access restrictions, including geographic blocks and transfer limitations imposed by token issuers. By continuing to use the platform, users affirm they are legally eligible to trade tokens under their jurisdiction's laws.
View change record →The updated terms establish that Uniswap does not warrant that any digital asset accessible through its products is available for trading, holding, or transacting in your jurisdiction, or that you are legally permitted to do so. The revised language places the burden on you to determine whether a digital asset is lawfully available to you and to comply with any applicable transfer restrictions imposed by asset issuers or regulatory authorities. This means accessing or trading an asset through the Uniswap interface does not constitute Uniswap's determination that you are eligible to do so under your local laws.
View change record →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.
How other platforms handle this
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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 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.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
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The prohibited activities list is broad, and violating it triggers personal indemnification liability, meaning you could be responsible for Uniswap's legal fees and damages if your activities cause them legal problems.
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.
ConductAtlas has identified this type of provision across 228 platforms. See the full comparison.
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