The Block: Robinhood and Fomo Users Can Buy Meme Coins With Credit Cards Without KYC; JPMorgan Asks...

The Block: Robinhood and Fomo Users Can Buy Meme Coins With Credit Cards Without KYC; JPMorgan Asks Visa to InvestigateAccording to an investigation by The Block, users of Robinhood Wallet and social trading app Fomo can purchase Meme coins such as WIF directly through Crossmint using Visa and Mastercard credit cards, as well as Apple Pay and Google Pay, without completing separate KYC. The Block’s tests found that the transactions were classified as “digital goods/media” rather than crypto transactions, a category typically required by credit card networks, allowing users to continue earning standard credit card points or cash back. Chase, JPMorgan’s banking arm, said it believes the Visa transactions were incorrectly classified and should not qualify for credit card rewards, and has asked Visa to investigate. The New York Attorney General’s Office also said it is reviewing the matter.

Source: Wu Blockchain