An instantaneous change in the amplitude of a signal must comprise of an infinite number of cos waves; one at every frequency, basically.
So going from -5V to 5V instantly is a no no in terms of sending signals over a piece of copper. It's fine on a motherboard where that copper track is used for just one signal (although chances are not all those will be square-wave by virtue of the data rate's they're trying to achieve), but down a phone line, or over any other form of communications link, you don't want a transition like that because it consumes pretty much the entire frequency spectrum.
I should also add that you can fit a lot of binary onto a communications channel, but it doesn't take the form of a square-wave; it'll be a more "shapely" wave with the 1s and 0s defined by one of a few other means. Chances are you might turn a short sequence of binary into a single "symbol" and transmit that... that's what they do for Freeview, Satellite and various other things.