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Swap Terms Of Use

Table of Contents
Liminal Swap – Terms of Use

Last updated: April 2026

Liminal Swap – Terms of Use
These Terms govern your access to the Liminal Swap interface. Liminal is not a swap service provider, exchange, broker, or counterparty. All swap transactions are executed exclusively by Third-Party Service Providers designated by Liminal from time to time, as identified in Schedule A.
By accessing or using Liminal Swap you confirm that you have read, understood, and accepted these Terms.
1. Nature of Liminal's Role — Technology Interface Only
  • 1.1 Liminal (the operating entity of the Liminal platform) is a technology infrastructure provider. Liminal provides wallet infrastructure software and related tooling to institutional customers. Liminal does not provide swap, exchange, brokerage, dealing, execution, liquidity provision, or market-making services of any description.
  • 1.2 Liminal Swap is a user interface feature that enables customers to access token swap functionality operated and executed entirely by one or more Third-Party Service Providers designated by Liminal and as identified in Schedule A (as updated from time to time) (each an 'Execution Provider'). Liminal is not a party to any swap transaction, does not act as an agent for any Execution Provider, and does not act as a principal, counterparty, broker, or intermediary in any transaction. For the avoidance of doubt, the Execution Provider is itself not a counterparty to any swap transaction. The Execution Provider operates as a routing aggregator whose software routes swap instructions to third-party decentralised exchange and bridge protocols ('Third-Party Protocols') which execute the transaction. The actual counterparty to any swap is the liquidity provider or automated market-maker on the relevant Third-Party Protocol, which is not an identified or contracting party under these Terms.
  • 1.3 At no point does Liminal:
  • custody, hold, control, or take possession of customer digital assets in connection with any swap;
  • initiate, direct, modify, or execute any swap transaction;
  • determine or influence swap pricing, routing, or execution outcomes;
  • provide price discovery, market-making, or liquidity services; or
  • act on behalf of or represent any Execution Provider.
  • 1.4 Liminal's role is strictly limited to:
  • providing a user interface through which customers may access and interact with Execution Provider services;
  • applying the customer's own pre-configured organisational policies, governance workflows, and security controls to the transmission of customer instructions; and
  • transmitting customer-authorised instructions to Execution Provider infrastructure without modification or independent discretion.
  • 1.5 All governance controls (including quorum approvals, two-factor authentication, and MPC-based signing workflows) applied within the Liminal platform are implemented pursuant to configurations set by the customer and are designed to enforce the customer's own security and operational policies. Such controls do not constitute independent discretion or decision-making authority on the part of Liminal in respect of any transaction.
NOTE: Liminal does not provide a regulated payment service, digital payment token service, money transmission service, capital markets service, or virtual asset service in connection with Liminal Swap. Access to such services, where regulated, is provided directly by the Execution Provider subject to its own authorisations and terms.
2. Execution Providers
  • 2.1 Liminal Swap integrates with one or more Third-Party Service Providers designated by Liminal from time to time and as identified in Schedule A ('Execution Provider'). Execution Providers are responsible for routing swap transactions across decentralised exchanges, bridges, and liquidity sources. Each Execution Provider is solely and exclusively responsible for: The Execution Provider's smart contracts are non-custodial — neither the Execution Provider nor Liminal assumes custody, ownership, or control over the customer's digital assets or cryptographic keys at any time. The Execution Provider's routing layer forwards swap instructions to Third-Party Protocols (including decentralised exchanges, bridges, and liquidity protocols) which are independent of and not controlled by the Execution Provider or Liminal.
  • price discovery and quote generation;
  • routing logic and route selection;
  • liquidity sourcing;
  • smart contract interaction and transaction execution; and
  • settlement outcomes.
  • 2.2 The current Execution Provider(s) designated by Liminal are set out in Schedule A to these Terms, together with links to their applicable terms of service and risk disclosures. Customers should review the Execution Provider's own terms carefully before using Liminal Swap. Liminal makes no representation regarding any Execution Provider's terms, suitability, or regulatory status. The Execution Provider's terms and conditions are subject to amendment by the Execution Provider at any time without Liminal's consent. The current Execution Provider's terms provide for a 30-day notice period for material changes, with non-objection treated as acceptance. The customer's continued use of Liminal Swap following any update to the Execution Provider's terms constitutes the customer's acceptance of those updated terms.
  • 2.3 Liminal may at any time and at its sole discretion designate, change, replace, add, or remove any Execution Provider without prior notice to the customer. Schedule A will be updated to reflect the then-current Execution Provider(s). In the event of any change, the updated Schedule A shall apply to all swap transactions initiated after the date of such update.
  • 2.4 Liminal acts as an introducer of its wallet infrastructure customers to the Execution Provider. Liminal receives a referral commission from the Execution Provider in connection with customers introduced by Liminal who use the Execution Provider's services. Liminal does not charge the customer any fee, commission, or other consideration of any kind in connection with any swap transaction. All fees payable in connection with a swap transaction, if any, are levied by and payable directly to the Execution Provider in accordance with the Execution Provider's own terms.
3. Description of the Liminal Swap Interface
  • 3.1 Liminal Swap enables customers to initiate requests for token swaps across supported blockchain networks from within their Liminal wallet environment. Swap requests are subject to the customer's own configured approval workflows, governance rules, and policy controls, including quorum approvals and MPC-based signing workflows.
  • 3.2 The Liminal Swap interface operates in three stages, each of which is described below for transparency. In each stage, Liminal's platform acts as an interface transmitting the customer's own instructions and enforcing the customer's own pre-configured policies; it does not exercise independent discretion over the outcome of any swap transaction.
  • 3.3 Stage 1 — Allowance Approval. Certain swaps require prior on-chain token spending authorisation permitting a designated smart contract to spend a specified amount of digital assets from the customer's source wallet ('Allowance Approval'). The Allowance Approval is initiated and authorised solely by the customer and is an on-chain transaction requiring MPC signing by the customer's authorised signers. Gas fees may be incurred regardless of whether a swap is subsequently executed. An Allowance Approval does not guarantee execution of any swap, has no fixed expiry, and is consumed per swap execution. Liminal's platform surfaces this step for the customer's action — it does not initiate, approve, or modify the Allowance Approval on the customer's behalf.
  • 3.4 Stage 2 — Contract Whitelisting. Before any swap route can be used, the smart contracts eligible as swap route contracts must be whitelisted at the organisational level. Whitelisting is performed exclusively by the customer's Organisation Owner within the customer's own Liminal account settings. Liminal does not whitelist contracts on the customer's behalf and does not override or modify the customer's whitelist. Only contracts whitelisted by the customer's Organisation Owner are eligible for route selection.
  • 3.5 Stage 3 — Swap Initiation, Screening, and Execution. Upon initiating a swap, the customer selects the source wallet, destination wallet, asset, and amount. The Execution Provider's systems automatically source the optimal available quote and route. The route contract is then screened by independent third-party security providers (currently Cyvers and Cube3) at two points in the lifecycle: once during swap initiation, and again immediately before final signing. These screening services return a risk score for the route contract; depending on the customer's own configured organisational settings, execution may be blocked, a warning displayed, or the transaction may proceed automatically. Liminal does not operate or control these security screening services and the screening result represents a point-in-time assessment only. Following screening, the customer's configured approval workflow applies — including initiator 2FA, initiator quorum approval, and firewall quorum approval — before the transaction is sent to the customer's authorised signers for MPC signing. The transaction is broadcast to the blockchain and recorded in the platform's transaction history only after the customer's full approval chain is satisfied. Liminal does not independently initiate, approve, modify, or broadcast any transaction.
  • 3.6 Quote Revalidation. Quotes provided by the Execution Provider do not have a fixed expiry timestamp but may become stale due to market movement, liquidity changes, or gas fluctuations. The Liminal interface automatically re-fetches the quote from the Execution Provider before the customer's final signing step. If the refreshed quote differs materially from the originally displayed quote, execution is blocked and the customer is prompted to review and re-initiate. This revalidation mechanism is designed to protect the customer from executing at a stale price; it is operated by the Execution Provider's systems and surfaced through the Liminal interface.
  • 3.7 Liminal Swap is available only for supported internal Liminal wallets and does not support swaps from externally connected wallets unless explicitly stated.
4. Point of Use Disclosure and Acknowledgment
  • 4.1 Prior to confirming any swap transaction through the Liminal Swap interface, the customer will be presented with a disclosure screen identifying the Execution Provider and confirming that the transaction will be executed by the Execution Provider and not by Liminal. Proceeding past the disclosure screen constitutes the customer's explicit and informed acknowledgment that:
  • Liminal is not the provider of the swap service;
  • the swap will be executed by the Execution Provider
  • the customer's recourse for execution-related issues lies with the Execution Provider; and
  • the customer has had the opportunity to review the Execution Provider's terms and risk disclosures.
5. No Regulated Service or Advice
  • 5.1 Liminal does not, by providing access to the Liminal Swap interface, provide or hold itself out as providing:
  • any capital markets service, financial advisory service, or dealing in securities or derivatives;
  • any payment service, digital payment token service, or stored value facility;
  • any virtual asset service, digital asset brokerage, or exchange service;
  • any money-changing or money transmission service
  • investment, financial, trading, regulatory, tax, or legal advice of any kind; or
  • any recommendation regarding any digital asset, protocol, route, or transaction.
  • 5.2 No statement, representation, or communication made by Liminal (including within the Liminal Swap interface, website, or any marketing or promotional materials) shall be construed as holding Liminal out as a provider of any of the above services.
  • 5.3 All investment and transaction decisions are self-directed and made entirely at the customer's sole discretion and risk.
6. Customer Responsibilities
  • 6.1 The customer is solely responsible for selecting the source wallet, destination wallet, asset type, amount, token allowance amount (where applicable), and all other transaction parameters.
  • 6.2 The customer independently assesses and accepts all risks associated with the use of the Execution Provider's services, including execution risk, pricing risk, liquidity risk, smart contract risk, and regulatory risk applicable to the customer's own activities
  • 6.3 The customer does not rely on Liminal for execution, pricing, routing, liquidity, or outcome of any swap transaction, and understands that such matters are entirely within the Execution Provider's remit.
  • 6.4 The customer maintains all security controls, required approvals, 2FA, MPC signing processes, and organisational governance policies as configured within its Liminal account, and is fully responsible for actions taken by its authorised users including initiators, approvers, and signers.
  • 6.5 The customer is solely responsible for complying with all applicable laws, tax obligations, sanctions restrictions, AML/CTF requirements, and regulatory requirements related to its swap activity.
  • 6.6 The customer represents and warrants that: (a) it is not subject to any economic or trade sanctions imposed by any governmental authority or listed on any prohibited or restricted party list maintained by the United Nations, the European Union, the United States (including OFAC), the United Kingdom, or Singapore MAS; and (b) it is not a United States citizen, permanent resident alien, entity organised under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person acting on behalf of such a person. Access to Liminal Swap is not available to persons or entities that do not satisfy these warranties.

7. Third-Party Providers and External Dependencies

  • 7.1 Liminal Swap relies on the Execution Provider and additional third-party infrastructure including blockchain networks, decentralised protocols, and smart contracts. Liminal does not control and is not responsible for: In addition, the Execution Provider itself relies on Third-Party Protocols (including decentralised exchanges, automated market-makers, cross-chain bridges, and liquidity aggregation protocols) which are independent of both Liminal and the Execution Provider. Liminal has no visibility into, control over, or responsibility for the operation, security, or availability of any Third-Party Protocol.
  • the performance, availability, uptime, pricing, routing logic, or security of the Execution Provider;
  • the operation, integrity, or security of any blockchain network, decentralised protocol, or smart contract;
  • the accuracy, availability, or timeliness of any price quote; or
  • the approval, sufficiency, persistence, revocation, or consumption of any token allowance
  • 7.2 All swaps, allowance authorisations, and related transactions are executed on decentralised blockchain networks and through smart contracts that are not owned, operated, or controlled by Liminal. The customer assumes all risks arising from reliance on the Execution Provider, blockchain infrastructure, and smart contract execution. The customer further assumes all risks arising from the operation of Third-Party Protocols accessed via the Execution Provider's routing layer, including risks of smart contract exploit, bridge failure, liquidity withdrawal, and protocol-level insolvency or compromise, none of which are within Liminal's knowledge, oversight, or control.
8. No Guarantee of Quotes, Pricing, or Execution
  • 8.1 All swap quotes are provided by the Execution Provider. Quotes are indicative, informational, and non-binding in nature, subject to change without notice based on market conditions, liquidity availability, or network state.
  • 8.2 Liminal does not guarantee:
  • the availability or suitability of any swap route;
  • that a quoted amount, rate, or output will be realised;
  • that a transaction will execute successfully or within a specific timeframe; or
  • that any screened or whitelisted smart contract is free from risk, vulnerability, or future compromise
  • 8.3 The customer acknowledges that execution may fail, be delayed, revert, or execute at a different rate than displayed, and that failed, delayed, reverted, or partially executed transactions may still incur irreversible and non-refundable gas fees.
9. Exclusion of Liability
  • 9.1 Liminal is a technology interface provider and is not a provider of swap, exchange, brokerage, execution, or financial services in connection with Liminal Swap. To the fullest extent permitted by applicable law, Liminal shall have no liability arising from or related to:
  • the performance, failure, conduct, insolvency, or security of the Execution Provider or any third-party infrastructure;
  • any transaction outcome including failed, delayed, partial, reverted, or incorrect execution;
  • any reliance on quotes, routing, or pricing information provided by the Execution Provider;
  • smart contract operation, vulnerability, or exploit;
  • any blockchain-related event including network congestion, forks, or gas fee fluctuations;
  • allowance approval, exhaustion, revocation, or misconfiguration;
  • incorrect wallet details, transaction parameters, or configuration errors entered by the customer;
  • misconfiguration of approval workflows, quorum requirements, or organisational governance settings; or
  • changes in token prices, liquidity, or market conditions.
  • 9.2 To the fullest extent permitted by applicable law, Liminal shall not be liable for any direct, indirect, incidental, consequential, exemplary, punitive, or special damages including loss of digital assets, funds, profits, revenue, data, business opportunity, reputational harm, or goodwill arising from or related to the use of Liminal Swap.
  • 9.3 The customer acknowledges and agrees that any loss suffered in connection with a swap transaction arises primarily from the actions, omissions, or performance of the Execution Provider, blockchain networks, or smart contracts, and not from Liminal's provision of technology access. Nothing in these Terms shall be construed as Liminal accepting liability that properly rests with the Execution Provider.
  • 9.4 Liminal provides access to the Liminal Swap interface on an 'as-is' and 'best-effort' basis without warranties, representations, or guarantees of any kind, whether express, implied, statutory, or otherwise.
  • 9.5 Nothing in these Terms excludes or limits liability to the extent that such exclusion or limitation is prohibited under applicable mandatory law.
  • 9.6 To the maximum extent permitted by applicable law, Liminal's aggregate liability arising out of or in connection with Liminal Swap shall not exceed the greater of:
  • the fees, if any, actually received by Liminal from the Execution Provider in connection with the specific transaction giving rise to the claim; or
  • USD 500 (five hundred United States Dollars).
  • NOTE TO CUSTOMERS IN INDIA: If you are an entity or individual subject to the Consumer Protection Act, 2019 (India), nothing in these Terms is intended to exclude statutory remedies available to you under that Act to the extent they cannot lawfully be excluded. You may have rights of complaint with the relevant Consumer Disputes Redressal Commission
10. Policy Controls and Approvals
  • 10.1 All governance controls within the Liminal Swap interface are configured and operated by the customer, not by Liminal. This includes:
  • Contract whitelisting — only the customer's Organisation Owner may whitelist or remove swap route contracts within the customer's organisational settings. Liminal does not whitelist contracts on the customer's behalf.
  • Quorum approvals — the number and identity of required approvers is set by the customer's own governance configuration.
  • Transaction limits and wallet restrictions — set by the customer within the customer's account.
  • Firewall rules — configured by the customer.
  • 10.2 Swap requests cannot proceed unless they satisfy all conditions within the customer's configured governance framework. Liminal does not override, modify, or bypass the customer's organisational policies under any circumstances.
  • 10.3 Liminal is not liable for unauthorised or unintended actions executed through valid credentials or approved workflows. The customer is fully responsible for actions taken by its authorised users including initiators, approvers, and signers.
11. No Agency, Partnership, or Fiduciary Relationship
  • 11.1 Nothing in these Terms shall be construed to create any partnership, joint venture, agency, fiduciary, trust, or other relationship between Liminal and the Execution Provider, or between Liminal and the customer in connection with any swap transaction.
  • 11.2 Liminal does not represent, warrant, or act on behalf of the Execution Provider. Liminal does not owe the customer any fiduciary duty, duty of best execution, or duty of care in connection with the outcome of any swap transaction.
12. Indemnification
  • 12.1 The customer agrees to indemnify, defend, and hold harmless Liminal, its affiliates, directors, employees, and partners from all claims, liabilities, losses, damages, costs, and expenses (including reasonable legal costs) arising out of or related to:
  • the customer's use of the Liminal Swap interface;
  • the customer's breach of these Terms or any Liminal agreement;
  • actions or omissions of the customer's authorised users;
  • third-party claims related to the customer's blockchain transactions; or
  • claims arising from or related to third-party execution, smart contract behaviour, or blockchain transactions accessed through Liminal.
13. Compliance and Legal Use
  • 13.1 The customer agrees to use Liminal Swap only in compliance with all applicable anti-money laundering (AML) regulations, counter-terrorism financing (CTF) laws, sanctions and restricted-party requirements, tax obligations, industry rules, and jurisdictional requirements applicable to its entity.
  • 13.2 Liminal may suspend, restrict, or terminate Swap access at its discretion for compliance, legal, or security reasons with or without notice.
14. Service Modification or Suspension
  • 14.1 Liminal may at any time and without liability modify, update, limit, suspend, or discontinue the Liminal Swap interface, including by changing supported assets, networks, or features; replacing or removing Execution Providers; imposing or modifying usage limits; or restricting access for maintenance, security, or operational reasons.
15. Governing Law and Dispute Resolution
  • 15.1 These Terms shall be governed by and construed in accordance with the laws of Singapore, without regard to its conflict of laws provisions.
  • 15.2 Any dispute arising from or relating to these Terms or the Liminal Swap interface shall be finally settled by binding institutional arbitration in Singapore under the SIAC Rules, conducted in English. Arbitration shall proceed only on an individual basis and not as a class, consolidated, or representative action.
16. Changes to Terms
  • 16.1 Liminal may update or revise these Terms at any time. Continued use of Liminal Swap following the effective date of updated Terms constitutes the customer's acceptance of the revised version.
17. Disclaimer
  • 17.1 Liminal Swap is provided on an 'as-is', 'as-available', and 'best-effort' basis. To the fullest extent permitted by law, Liminal expressly disclaims all warranties, representations, or guarantees of any kind, whether express, implied, statutory, or otherwise, including warranties of merchantability, fitness for a particular purpose, non-infringement, uninterrupted or error-free operation, and accuracy or reliability of any price quote, swap route, or smart contract screening result.
  • 17.2 Digital asset swaps involve inherent and significant risks including market volatility, smart contract execution risks, network congestion, slippage, partial execution, and irreversible on-chain transactions. The customer acknowledges these risks and agrees that Liminal has no responsibility or liability for losses incurred from use of the Liminal Swap interface.
  • 17.3 Nothing in the Liminal Swap interface or related documentation constitutes investment advice, financial advice, trading recommendations, tax advice, regulatory advice, legal advice, or an endorsement of any digital asset, protocol, route, or transaction.
18. Contact
For questions regarding these Terms, contact: [email protected]
ACCEPTANCE
Your use of Liminal Swap constitutes your acknowledgment and acceptance of these Terms, including your confirmation that you understand Liminal is not the provider of swap services and that execution is performed by the Execution Provider.
Current Execution Provider Li.Finance GmbH (trading as LI.FI)
Services Provided Cross-chain DEX aggregation, routing, liquidity sourcing, and on-chain execution of swap transactions
Execution Provider Terms of Service https://li.fi/legal/terms-and-conditions/
Execution Provider Privacy Policy https://li.fi/legal/privacy-policy/
Liminal's Commercial Arrangement Liminal acts as an introducer of its wallet infrastructure customers to the Execution Provider. Liminal receives a referral commission from the Execution Provider for customers introduced by Liminal who use the Execution Provider's services. Liminal does not charge the customer any fee in connection with any swap transaction. All fees payable in connection with a swap, if any, are levied by and payable directly to the Execution Provider.
Schedule Last Updated March 2026
Note Additional or replacement Execution Providers may be designated by Liminal from time to time. This Schedule will be updated accordingly. Customers should check the current version of this Schedule before initiating any swap.