CoW Swap

CoW Swap is the trading interface of CoW Protocol, where users sign swap intents and independent solvers compete in batch auctions to settle them. Opposite orders can be matched directly as a coincidence of wants or routed through on-chain liquidity, which protects traders from MEV and means failed orders cost no gas.

Rating D: 33 restrictions: 31 countries + Feature Block, Wallet screening. DEX / intents · Ethereum, Gnosis, Arbitrum, Base, Avalanche, Polygon, BNB Chain.

Official app: swap.cow.fi. Frontend code: github.com/cowprotocol/cowswap/tree/develop/apps/cowswap-frontend.

Restrictions

• Geo Block: no.
• Feature Block: yes. RWA/tokenized-stock token lists hidden by IP (api.country.is), 50 countries incl. US, CA, CN, RU, all of the EU (list here is partial; full list in code); flag isRwaGeoblockEnabled. Affected countries: United States, Canada, China, Russia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
• Wallet screening: yes. orderbook backend: hardcoded list + Chainalysis oracle + Hermod (zeroShadow) Where it runs: API. Fail mode: n/a.
• VPN / Tor detection: no.
• Asset filter: RWA lists.
• Terms of Service: cow.fi/legal/cowswap-terms, Last updated 2025-07. generic UN/EU/US/UK.

Notes

The RWA geo filter runs in the frontend; wallet screening is done by the CoW orderbook API, which rejects orders from banned addresses.

Evidence

• apps/cowswap-frontend/src/modules/rwa/state/geoDataAtom.ts
• libs/core/src/cms/consts.ts
• libs/tokens/src/updaters/RestrictedTokensListUpdater/index.tsx
• github.com/cowprotocol/services/blob/main/crates/order-validation/src/banned/mod.rs

Checked 2026-10-10. All interfaces · Methodology