Buying memecoins with credit cards on Robinhood Wallet and Fomo appears to sidestep card-network crypto rules
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7 Articles
A technical detail in the card network is turning Memecoins into collector's items. Now even the authorities are looking into the case. Source: BTC-ECHO
Robinhood Wallet and Fomo Users Buy Meme Coins With Credit Cards Without Separate KYC as Chase Asks Visa to Investigate
Users of Robinhood Wallet and social trading application Fomo have been able to purchase meme coins with credit cards without completing a separate know-your-customer verification process, prompting Chase to ask Visa to investigate how the transactions are being classified. The purchases are powered by crypto payments infrastructure company Crossmint through its Token Checkout product. Tests conducted by The Block found users could purchase toke…
Robinhood and Fomo Face Scrutiny Over KYC-Free Meme Coin Purchases
Users of Robinhood Wallet and social trading app Fomo discovered they could purchase meme coins, including dogwifhat (WIF). They can use Visa and Mastercard credit cards, Apple Pay, and Google Pay, without completing any separate KYC identity verification. The transactions went through, earned standard credit card points and cash back,
Credit-card memecoin buys sidestep card rules, widening crypto's onramp
Two applications for digital trading now allow users to purchase memecoins with credit card, a minimal level of knowledge about cryptocurrency, and no additional forms for identification verification required at checkout, all through a code commonly used in the world of media for payment. The discovery was made by The Block, which indicates that this...
Robinhood Wallet and Fomo allow to buy certain memecoins with credit cards via Apple Pay or Google Pay, without a separate flow of KYC and with usual rewards. The Block found that the transactions were registered as digital goods, a classification that Chase considers incorrect and could be reviewed by Visa.
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Cryptocurrency News | Cryptocurrency Prices | Market CapBuying memecoins with credit cards on Robinhood Wallet and Fomo appears to sidestep card-network crypto rules
Test memecoin purchases were coded as "digital media" rather than crypto, earning credit card points despite card network restrictions.
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