Square has been notorious for tormenting bitcoin traders for using their accounts for buying and selling bitcoin resulting in thousands of Square users funds being locked for 6 months to a year or confiscated all together.
This is a practice it's largest competitor, Venmo (Paypal), also engages in to the point they directly mention bitcoin is against their policy in their terms of service.
Now all of a sudden a limited number of users of Square's Cash App have been given the option to buy or sell bitcoin within their accounts.
The app allows them to buy/sell and hold, but not send (currently). This is exactly what thousand of people have tried to do with Square's processing services only to get demolished by the organization.
Square spokesperson said in a statement that Square is:
"exploring" the option due to interest from customers, and the feature has been provided to a "small number"
The app allows them to buy/sell and hold, but not send (currently). This is exactly what thousand of people have tried to do with Square's processing services only to get demolished by the organization.
This is also similiar to the bitcoin/blockchain defector Circle, although Circle also allowed folks to transfer funds and make payments with bitcoin so it was a notch up.
The app, however, potentially fills part of the gap left open by Circle's exit from the industry.
Granted, this is the Square cash app and not Square's processing services which we can only assume are still not allowed for processing payments for purchasing bitcoin, however it's the same company and this is possibly something that will be scrutinized by many since using Square's Cash App for purchasing bitcoin from sellers is also frowned upon.
Nevertheless, a company the size of Square can usually get away with this kind of activity
It just seems a bit like a case of the Pot calling the Kettle black.
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