The Block revealed that Robinhood Wallet and Fomo allow purchasing memcoins via bank card without identity verification. These transactions are classified as digital goods using merchant code MCC 5815, a category normally reserved for electronic content like movies or music, enabling them to bypass payment network restrictions and earn loyalty points normally prohibited on crypto transactions. Chase, a subsidiary of JPMorgan, has filed a complaint with Visa and opened an investigation, while the office of New York Attorney General Letitia James is also monitoring the situation. Approximately 150 tokens were involved in this scheme operated by Crossmint, and two of them, GENIUS and DEGEN, mysteriously disappeared from the offering after The Block’s inquiries.
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