diff --git a/contracts/asset-proxy/CHANGELOG.json b/contracts/asset-proxy/CHANGELOG.json
index 4d2c5c3dd3..637623b18c 100644
--- a/contracts/asset-proxy/CHANGELOG.json
+++ b/contracts/asset-proxy/CHANGELOG.json
@@ -1,4 +1,12 @@
 [
+    {
+        "version": "3.3.0",
+        "changes": [
+            {
+                "note": "Use `approveIfBelowMax()` in DEX bridges for for approvals."
+            }
+        ]
+    },
     {
         "timestamp": 1583220306,
         "version": "3.2.5",
diff --git a/contracts/asset-proxy/contracts/src/bridges/CurveBridge.sol b/contracts/asset-proxy/contracts/src/bridges/CurveBridge.sol
index 9bbe57f9b1..56a6ce388b 100644
--- a/contracts/asset-proxy/contracts/src/bridges/CurveBridge.sol
+++ b/contracts/asset-proxy/contracts/src/bridges/CurveBridge.sol
@@ -61,7 +61,7 @@ contract CurveBridge is
         address fromTokenAddress = exchange.underlying_coins(fromCoinIdx);
         require(toTokenAddress != fromTokenAddress, "CurveBridge/INVALID_PAIR");
         // Grant an allowance to the exchange to spend `fromTokenAddress` token.
-        LibERC20Token.approve(fromTokenAddress, address(exchange), uint256(-1));
+        LibERC20Token.approveIfBelowMax(fromTokenAddress, address(exchange));
 
         // Try to sell all of this contract's `fromTokenAddress` token balance.
         if (version == 0) {
diff --git a/contracts/asset-proxy/contracts/src/bridges/Eth2DaiBridge.sol b/contracts/asset-proxy/contracts/src/bridges/Eth2DaiBridge.sol
index b3b84d8d96..ff01a67376 100644
--- a/contracts/asset-proxy/contracts/src/bridges/Eth2DaiBridge.sol
+++ b/contracts/asset-proxy/contracts/src/bridges/Eth2DaiBridge.sol
@@ -57,7 +57,7 @@ contract Eth2DaiBridge is
 
         IEth2Dai exchange = IEth2Dai(_getEth2DaiAddress());
         // Grant an allowance to the exchange to spend `fromTokenAddress` token.
-        LibERC20Token.approve(fromTokenAddress, address(exchange), uint256(-1));
+        LibERC20Token.approveIfBelowMax(fromTokenAddress, address(exchange));
 
         // Try to sell all of this contract's `fromTokenAddress` token balance.
         uint256 boughtAmount = exchange.sellAllAmount(
diff --git a/contracts/asset-proxy/contracts/src/bridges/KyberBridge.sol b/contracts/asset-proxy/contracts/src/bridges/KyberBridge.sol
index 2a98663897..c9acfb9286 100644
--- a/contracts/asset-proxy/contracts/src/bridges/KyberBridge.sol
+++ b/contracts/asset-proxy/contracts/src/bridges/KyberBridge.sol
@@ -109,7 +109,7 @@ contract KyberBridge is
         } else if (state.fromTokenAddress != address(state.weth)) {
             // If the input token is not WETH, grant an allowance to the exchange
             // to spend them.
-            LibERC20Token.approve(state.fromTokenAddress, address(state.kyber), uint256(-1));
+            LibERC20Token.approveIfBelowMax(state.fromTokenAddress, address(state.kyber));
         } else {
             // If the input token is WETH, unwrap it and attach it to the call.
             state.fromTokenAddress = KYBER_ETH_ADDRESS;
diff --git a/contracts/asset-proxy/contracts/src/bridges/UniswapBridge.sol b/contracts/asset-proxy/contracts/src/bridges/UniswapBridge.sol
index 3d0d596273..936191e128 100644
--- a/contracts/asset-proxy/contracts/src/bridges/UniswapBridge.sol
+++ b/contracts/asset-proxy/contracts/src/bridges/UniswapBridge.sol
@@ -168,7 +168,7 @@ contract UniswapBridge is
     function _grantExchangeAllowance(IUniswapExchange exchange, address tokenAddress)
         private
     {
-        LibERC20Token.approve(tokenAddress, address(exchange), uint256(-1));
+        LibERC20Token.approveIfBelowMax(tokenAddress, address(exchange));
     }
 
     /// @dev Retrieves the uniswap exchange for a given token pair.
diff --git a/contracts/asset-proxy/contracts/test/TestEth2DaiBridge.sol b/contracts/asset-proxy/contracts/test/TestEth2DaiBridge.sol
index 859af2c1af..ee249278b1 100644
--- a/contracts/asset-proxy/contracts/test/TestEth2DaiBridge.sol
+++ b/contracts/asset-proxy/contracts/test/TestEth2DaiBridge.sol
@@ -110,6 +110,10 @@ contract TestToken {
         return true;
     }
 
+    function allowance(address, address) external view returns (uint256) {
+        return 0;
+    }
+
     /// @dev Retrieve the balance for `owner`.
     function balanceOf(address owner)
         external
diff --git a/contracts/asset-proxy/contracts/test/TestKyberBridge.sol b/contracts/asset-proxy/contracts/test/TestKyberBridge.sol
index 7c6e28f0e8..c8ce0b2b26 100644
--- a/contracts/asset-proxy/contracts/test/TestKyberBridge.sol
+++ b/contracts/asset-proxy/contracts/test/TestKyberBridge.sol
@@ -110,6 +110,10 @@ contract TestToken {
         return _testContract.wethDeposit.value(msg.value)(msg.sender);
     }
 
+    function allowance(address, address) external view returns (uint256) {
+        return 0;
+    }
+
     function balanceOf(address owner)
         external
         view
diff --git a/contracts/asset-proxy/contracts/test/TestUniswapBridge.sol b/contracts/asset-proxy/contracts/test/TestUniswapBridge.sol
index f295a939f7..bc9b53b650 100644
--- a/contracts/asset-proxy/contracts/test/TestUniswapBridge.sol
+++ b/contracts/asset-proxy/contracts/test/TestUniswapBridge.sol
@@ -224,6 +224,10 @@ contract TestToken {
         TestEventsRaiser(msg.sender).raiseWethWithdraw(amount);
     }
 
+    function allowance(address, address) external view returns (uint256) {
+        return 0;
+    }
+
     /// @dev Retrieve the balance for `owner`.
     function balanceOf(address owner)
         external
diff --git a/contracts/erc20/CHANGELOG.json b/contracts/erc20/CHANGELOG.json
index 07a60ba9a4..244032d61a 100644
--- a/contracts/erc20/CHANGELOG.json
+++ b/contracts/erc20/CHANGELOG.json
@@ -1,4 +1,12 @@
 [
+    {
+        "version": "3.2.0",
+        "changes": [
+            {
+                "note": "Add `LibERC20Token.approveIfBelowMax()`"
+            }
+        ]
+    },
     {
         "timestamp": 1583220306,
         "version": "3.1.5",
diff --git a/contracts/erc20/contracts/src/LibERC20Token.sol b/contracts/erc20/contracts/src/LibERC20Token.sol
index 2ba86732b3..4837e97d1f 100644
--- a/contracts/erc20/contracts/src/LibERC20Token.sol
+++ b/contracts/erc20/contracts/src/LibERC20Token.sol
@@ -47,6 +47,23 @@ library LibERC20Token {
         _callWithOptionalBooleanResult(token, callData);
     }
 
+    /// @dev Calls `IERC20Token(token).approve()` and sets the allowance to the
+    ///      maximum if the current approval is not already set to the maximum.
+    ///      Reverts if `false` is returned or if the return
+    ///      data length is nonzero and not 32 bytes.
+    /// @param token The address of the token contract.
+    /// @param spender The address that receives an allowance.
+    function approveIfBelowMax(
+        address token,
+        address spender
+    )
+        internal
+    {
+        if (IERC20Token(token).allowance(address(this), spender) != uint256(-1)) {
+            approve(token, spender, uint256(-1));
+        }
+    }
+
     /// @dev Calls `IERC20Token(token).transfer()`.
     ///      Reverts if `false` is returned or if the return
     ///      data length is nonzero and not 32 bytes.