Square Bitcoin Terms of Service

Effective Date: July 21, 2025

These Square Bitcoin Terms of Service (“Terms”) govern your use of Square’s bitcoin products, Bitcoin Conversions and Bitcoin Payments (collectively “Square Bitcoin”), offered by Block, Inc. (“Square” “us” “we” or “Block”). By enabling and using Square Bitcoin, you agree to these Terms, the Square General Terms of Service, the Square Payment Terms, and you acknowledge the Square Bitcoin Disclosures. Unless separately defined herein, defined terms have the same meaning as in the Square General Terms of Service.

Bitcoin Conversions

Bitcoin Conversions enables eligible Square sellers to automatically use up to 50% of their proceeds from card sales to purchase bitcoin on a recurring basis. When you enable Bitcoin Conversions, you authorize and instruct us to debit USD from your Square account each day in an amount equal to a chosen percentage of your daily proceeds of card sales made on Square. The selected percentage of sales will be converted to bitcoin via a bitcoin buy order each day, executed at the then-effective exchange rate for bitcoin as determined by Square in our sole discretion. By enabling this feature, you acknowledge that the funds converted for these transactions are owned by you or your business, as applicable, and that you have the legal authority or the necessary consent from any partners or beneficial owners in your business to enable this feature. You may cancel or adjust Bitcoin Conversions at any time in your Square Account.

Bitcoin Payments

Bitcoin Payments enables eligible Square sellers to accept bitcoin via the Lightning Network in exchange for goods or services. Bitcoin Payments may not be used for any purpose other than transactions for goods and services between you and your customers. By using Bitcoin Payments, you authorize Block to act as your agent and to take any and all actions that we think within our sole discretion are necessary or desirable to provide Bitcoin Payments and to comply with applicable laws and regulations. Payment by one of your customers to Block is considered the same as payment made directly to you and limits such customer’s outstanding obligations to the extent of the payment even if you are unable to access or transact with your bitcoin.

You may elect to receive bitcoin payments either as bitcoin deposited into your Square bitcoin wallet or as USD deposited into your Square balance. If you elect to receive bitcoin payments as USD, you authorize Square to automatically convert incoming bitcoin payments to USD at the then-effective market rate determined by Block at the time the transaction is executed. Conversion rates are subject to market fluctuations, and Square makes no guarantee regarding the availability of any particular exchange rate. Conversion and settlement times may vary due to network congestion or other technical factors. If you elect to receive bitcoin, the full amount of each bitcoin payment (less any applicable fees) will be credited to your Square bitcoin wallet upon confirmation of the transaction. The availability of funds may vary depending on network congestion or other technical factors. Square is not responsible for delays, failed transactions, or loss of value resulting from fluctuations in the price of bitcoin or network performance.

Your customers will be able to add a tip in bitcoin to transactions completed using Bitcoin Payments. You represent and warrant that you are solely responsible for your compliance with all payroll, wage and hour, and tipping laws and regulations applicable to your business, and that you are responsible for the accurate disbursement of any tips owed. There is no dispute process for Bitcoin Payments that would enable you or your customers to contest a transaction.

Bitcoin-denominated refunds are not supported for Bitcoin Payments. When a customer requests a refund, you can issue a full, partial, or itemized refund to the buyer, depending on the request, to a Square gift card or eGift card. Square does not charge load fees when you issue refunds to gift cards. The refunded amount will be based on the original USD value of the transaction, regardless of the bitcoin market rate at time of refund.

Eligibility & Availability

To use Square Bitcoin features, you must:

• Have an active Square seller account in good standing.
• Be located in a jurisdiction where Block offers Square Bitcoin.
• Comply with Block’s Customer Due Diligence requirements. Square Bitcoin is offered in compliance with applicable laws and regulations, which may require additional identity verification or transaction monitoring. You are responsible for providing accurate and complete information in response to Block’s questions, and for keeping that information current.
• Acknowledge the Square Bitcoin Disclosures and agree to these Square Bitcoin Terms of Service.
• Not be located in or use Square Bitcoin in New York.

Purchasing and Selling Bitcoin

In order to complete a market buy bitcoin transaction on Square, you must first hold USD in your Square Checking, Square Savings, or Square Balance. When you submit a bitcoin purchase order (a “Buy”) on Square, you authorize us to execute a bitcoin purchase transaction in the amount you instruct and debit your chosen funding source in the total amount of the Buy transaction, including any applicable fees.

A Buy is a sale of bitcoin from the Company to you. Once the Buy is complete, your Square bitcoin wallet will be updated to reflect the amount of bitcoin you purchased from us. All right to and title in the bitcoin bought will pass from the Company to you. A Buy will not necessarily result in the Company broadcasting any transaction to a bitcoin network. The Company does not guarantee the availability of Buys, and the act of purchasing bitcoin from the Company does not result in a guarantee that you may purchase supported bitcoin from the Company at a later time. We will use commercially reasonable efforts to complete transactions within two days of the date upon which you have initiated a Buy transaction.

In the event the bitcoin “Sell” feature is available, the Company will purchase your chosen amount of bitcoin from you and deposit the USD value of bitcoin, determined by us in our sole discretion, to the Square balance of your choosing. The price you receive for any bitcoin sold to the Company may vary based on market factors, including the price and volume of the bitcoin you are attempting to sell. The Company does not guarantee the availability of Sell transactions, or your ability to sell bitcoin held on Square. The act of selling bitcoin to the Company does not create a guarantee that you may sell bitcoin to the Company at a later time.

Custody, Withdrawals & Deposits

Bitcoin acquired via Square Bitcoin is custodied by Block’s or its designated affiliate on your behalf. All bitcoin held in your Square Bitcoin wallet are custodial assets held by us for your benefit. Title to all such bitcoin shall remain with you at all times and shall not transfer to us. We will maintain on our books at all times a record of the amount and ownership of all such bitcoin. All interests in bitcoin we hold for customers are not our property and are not subject to claims of our creditors. Except as required by law, or except as provided herein, we will not sell, transfer, loan, hypothecate, or otherwise alienate any bitcoin in your account unless instructed by you.

All bitcoin credited to your account will be treated as “financial assets” under Division 8 of the California Uniform Commercial Code (“Division 8”). We are a “securities intermediary” as used in Division 8 with respect to your bitcoin, and your Square Bitcoin account is a “securities account” as used in Division 8. As stated in Division 8, “the characterization of a person, business, or transaction for purposes of this division does not determine the characterization of the person, business, or transaction for purposes of any other law, regulation, or rule,” including the United States Commodity Exchange Act and any federal, state, or foreign securities law or regulation.

You may withdraw bitcoin to an external bitcoin wallet. Square may require a minimum amount (e.g. 5,000 Satoshis) to withdraw bitcoin to an external wallet and Square may charge fees to withdraw your bitcoin. Any applicable fees will be displayed to you before confirming your withdrawal. Withdrawals are subject to identity verification and fraud screening, processing times that may vary, and security reviews that may delay or restrict withdrawals.

You are solely responsible for providing accurate instructions and directions for any bitcoin withdrawal, and we are not liable to you or any third-party for any delay or loss incurred from a withdrawal executed according to your instructions. You should verify the accuracy of the external bitcoin address you are withdrawing to prior to initiating a withdrawal. Bitcoin withdrawals may not be reversed or refunded once they have been initiated. We do not have control over the Bitcoin Network and cannot guarantee that the network will confirm your transaction or execute it correctly.

Once a bitcoin withdrawal is submitted to the Bitcoin Network, the transaction will be unconfirmed and remain in a pending state for a period of time sufficient for the Bitcoin Network to confirm the transaction, which can vary. While bitcoin withdrawals remain in a pending transaction state, the relevant value of the bitcoin withdrawals will not be available in your Square bitcoin balance. If your attempted bitcoin withdrawal fails, the relevant amount of bitcoin will remain in your Square bitcoin balance. You bear the risk of loss of value once you have initiated a transfer transaction from your Square bitcoin balance in the event that the receipt of bitcoin is delayed and the value of bitcoin decreases during the period of delay. We are not responsible for delays or loss incurred as a result of any errors in the initiation of a transfer transaction and have no obligation to assist in the remediation of such transactions.

You may transfer bitcoin from an external bitcoin address to your Square wallet, minus applicable fees and subject to the restrictions in these terms (a “Bitcoin Deposit”). Only bitcoin may be deposited to your Square wallet, and any Bitcoin Deposit you initiate must conform to the protocols of the receiving bitcoin wallet. The person initiating a Bitcoin Deposit is solely responsible for executing the transaction correctly, including payment of any applicable network fees. We are not responsible for any erroneous or delayed Bitcoin Deposit for any reason, including erroneous instructions or address information. Bitcoin Deposits must be recognized by the required number of network confirmations, or otherwise authorized pursuant to network confirmation requirements, and may be delayed before appearing in your Square wallet.

Fees & Exchange Rates

Block may charge you fees for Square Bitcoin. Any such fees will be included on the Square Bitcoin Fees Page and will be available for your review at any time. Block reserves the right to change the fees anytime in its sole discretion with or without notice to you. Bitcoin purchases are executed at the then-current market rate, which includes a spread applied by Block. You acknowledge that Block does not guarantee the best available exchange rate and that bitcoin prices may differ from those on external platforms.

Representations and Warranties

You represent and warrant that your use of Square Bitcoin does and at all times will comply with all applicable laws in the jurisdictions within which such services will be used including consumer protection statutes, anti-money laundering and anti-terrorist funding compliance laws and regulations, and all OFAC-administered sanctions programs.

Authorization for Bitcoin Purchases

By enabling Bitcoin Conversions, you authorize Square to automatically purchase Bitcoin using the percentage of your daily sales proceeds that you have selected. Bitcoin purchases are executed once per day at a time determined by Square. For Bitcoin Conversions, market rate at the time of execution will apply. The market rate may not match the price available on other exchanges. You may not receive prior notice of the exchange rate or execution time before each conversion. Once a Bitcoin purchase is executed, the transaction is final and irreversible.

No Reversals or Cancellations

Once a Bitcoin Conversion has occurred, it cannot be refunded, reversed, or converted back into USD within Square. If you disable Bitcoin Conversions, it will stop future conversions but will not reverse prior transactions. If there are any pending Bitcoin Conversions at the time you opt out, any funds earmarked for a pending conversion will be returned to your primary account balance.

Taxes & Reporting

You are solely responsible for reporting and paying any applicable Taxes related to bitcoin transactions. Block may provide Ttax forms (such as Form 1099-DA) and report transactions to the IRS and other Tax authorities as required by law. Selling or transferring Bitcoin may trigger taxable events. Block specifically disclaims any liability for Taxes attributable to your sale or transfer of Bitcoin. Consult a Tax professional for guidance based on your personal circumstances.

No Investment Advice

Block does not provide investment, financial, Tax, or trading advice. Bitcoin is a speculative asset, and you assume all risks associated with its purchase, storage, and potential loss. Block does not guarantee profits and is not responsible for market losses.

Feature Availability, Account Suspension & Termination

Block may, in our discretion, with or without prior notice to you, and at any time, limit, suspend, modify, discontinue, either temporarily or permanently, any portion of Square Bitcoin. We may suspend or terminate your access to Square Bitcoin at any time in our sole discretion, including for suspected money laundering, fraud or other illegal activity, in response to a subpoena, court order, or other government order. If we suspend or terminate your access to any Square Bitcoin, we will provide you with notice of our actions. If we exercise our rights to limit or refuse your access to Square Bitcoin, we will not be responsible for any consequences of our refusal to give you access to Square Bitcoin, including any delay, damage or inconvenience you may suffer as a result. We are under no obligation to disclose the details of our decision to take such action with you. To the extent permitted by applicable law, Block may, in its sole discretion, liquidate all assets you hold on Square Bitcoin. Block is not responsible for any losses caused by the liquidation of assets pursuant to this paragraph, including any Tax liabilities.

Suspension, Termination, Reversal of Transactions

We may suspend, refuse, freeze, decline, delay, redirect or reverse any transaction request, including purchase, sale, or transfer requests, for any reason, including for suspected money laundering, fraud or other illegal activity, in response to a subpoena, court order, or other government order, or if we believe, in our sole discretion, that the transaction is erroneous. We do not guarantee that you will be able to reinitiate your transaction at the same price or on the same terms as the transaction that we did not process, or that was canceled or reversed. Where applicable, you are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by us, or a third party caused by or arising out of your breach of the Square Terms of Service, including these Square Bitcoin Terms, or your use of the Square Bitcoin. If we suspend, terminate, or reverse any transaction request, we will provide you with notice of our actions.

Disclaimers & Limitation of Liability

Square Bitcoin is provided “as is” and “as available” without warranties of any kind. To the fullest extent permitted by law, Block is not liable for losses related to Bitcoin transactions, market fluctuations, or service interruptions. Block does not guarantee uninterrupted access to Square Bitcoin and may limit or suspend access due to technical, regulatory, or security reasons.

Changes to These Terms

Block reserves the right to update or modify these Terms at any time. If changes are material, as determined in Block’s sole discretion, Block will provide prior notice via email or through your Square Dashboard. Your continued use of Square Bitcoin after such changes constitutes acceptance of the updated Terms.