Visa is directing payment processors to reclassify memecoin transactions under crypto-specific codes instead of MCC 5815, ending a loophole that allowed users to earn credit card rewards on memecoin purchases. The flaw was exploited through Crossmint, a platform integrated with Robinhood Wallet and the Fomo app, which classified memecoin purchases as digital goods transactions. Users could spend up to $1,000 daily without KYC verification, with a total volume capped at $1 million. Chase was the first to flag the issue to Visa, which confirmed the problem and is now requiring reclassification before the grace period expires.
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