US · FDIC DESK RESEARCH
Cash App review
Block-owned mobile bank with native Bitcoin
The verdict
7.8 / 10 · CONSIDER
Cash App combines a US-licensed banking product (FDIC-insured deposits, debit card, direct deposit) with native Bitcoin buy-sell-send. The simplest BTC on-ramp for US retail; Bitcoin-only — no altcoins or stablecoins. Strike-style Lightning-Network sends rolled out 2023.
◆ BUY IT IF
- Massive scale — 57M+ active users
- Lightning Network native (rare in US)
- FDIC-insured USD balance
- Block (NYSE: SQ) backing — public-company transparency
◇ SKIP IT IF
- Bitcoin only — no ETH, USDT, USDC
- 1.5–2.3% spread on BTC buy/sell
- No yield or earn product
- Limited international support (UK only)
§ 01 SCORE BREAKDOWN
Eight axes, weighted.
DIMENSION WEIGHT RATING SCORE
Regulatory safety
FinCEN MSB; New York BitLicense (issued June 2018 — Square received the 7th BitLicense). State Money Transmitt
Card & IBAN
Debit card without native IBAN
Yield
No yield product
Coin selection
1 coins supported
App UX
Transparency
Proof of Reserves, public filings, incident history
Fees & spreads
Support
§ 02 THE FIELD TEST
How we tested Cash App.
Drafted from public sources — regulatory licences verified against issuing-authority registers (NYDFS, FCA, MAS, VARA, FSCA, etc.); fees verified from current published rate cards. Not yet field-tested.
DATE STEP TIME NOTES
— Account opened — KYC completed end-to-end
— First deposit — Not yet field-tested — record drafted from public sources; first-hand testing scheduled for the next review cycle.
— First withdrawal — Not yet field-tested — record drafted from public sources; first-hand testing scheduled for the next review cycle.
— Card activated — Card not supported / not ordered
— Last hands-on check — Drafted from public sources — regulatory licences verified against issuing-authority registers (NYDFS, FCA, MAS, VARA, FSCA, etc.); fees verified from current published rate cards. Not yet field-tested.
§ 03 SPECIFICATIONS
Everything, in one table.
Regulation
- Regulatory status
- FinCEN MSB; New York BitLicense (issued June 2018 — Square received the 7th BitLicense). State Money Transmitter Licences across all US states. Block Inc operates in UK; no FCA cryptoasset registration confirmed for Cash App specifically. FDIC pass-through via Sutton Bank (Cash Card issuer) and Wells Fargo Bank N.A. (savings/balance).
- FDIC insurance
- Yes
- MiCA compliant
- No
- Founded
- 2013
- HQ
- San Francisco, CA, USA
Fees
- Monthly account fee
- Free
- Trading fee
- —
- Withdrawal fee
- Variable
Yield & products
- Earn yield
- None — BTC-only buy/sell/spend; no interest
- Max APY
- —
- Staking
- No
- Crypto-backed loans
- No
- Supported coins
- 1
Banking
- IBAN
- No
- Debit card
- Yes
- DeFi access
- No
- NFT support
- No
Regions
- Regions available
- US, UK
- Markets served
- United States, United Kingdom
Support
- Trustpilot
- Trustpilot reviews
§ 04 FAQ
Frequently Asked Questions
Is Cash App safe? +
Cash App has a regulatory status of: FinCEN MSB; New York BitLicense (issued June 2018 — Square received the 7th BitLicense). State Money Transmitter Licences across all US states. Block Inc operates in UK; no FCA cryptoasset registration confirmed for Cash App specifically. FDIC pass-through via Sutton Bank (Cash Card issuer) and Wells Fargo Bank N.A. (savings/balance).. Deposits are FDIC insured up to $250,000. Always verify current regulatory status directly with the platform before depositing.
What is the maximum APY on Cash App? +
Cash App does not offer a traditional yield/APY product. None — BTC-only buy/sell/spend; no interest
Where is Cash App available? +
Cash App is available in: US, UK. Markets served: United States, United Kingdom.
Does Cash App have a debit card? +
Yes. Cash App offers a debit card.