According to ChainCatcher, after months of investigation by the U.S. federal government into Block's compliance practices, Cash App has decided to terminate the Bitcoin transfer feature through user tags, raising concerns among users about the app's ability to manage risk.
Cash App announced in a notification on its help page that it will no longer support sending and receiving Bitcoin between $cashtags starting December 20, 2024. The company noted that users can still send and receive Bitcoin using the Lightning Network or the Bitcoin blockchain.
An inspection by Wayback Machine in October showed no such notification. Furthermore, this change seems to only affect Bitcoin transfers and does not appear to impact other services, such as sending stocks or cash via unique identifiers like cashtags.
