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I don't think it's bad. It probably won't damage your cube, but I don't know. My store bought Rubik's Brand cube also does that, it squeaks on the U - Face (yellow face). Mine only squeaks when I don't use finger tricks, so it's not too much of a problem for me, and it's most likely not going to damage your cube. I'm not sure how to make it stop, I've heard that you can try to pop out the center piece (if you have a store bought cube don't try it) and maybe adjust the springs. So if you want to make it stop, move the face really fast and it won't squeak anymore (at least it works for me, and turning it really fast is easy for me because it's my U face)
My OH cube used to do that, it isn't so bad now. I think it's just a spring that's in an awkward position. You could try getting to the spring and moving it around a bit, or else just leave it. My squeak has almost completely gone now (after about half a year).