Fomo and Robinhood Wallet Face Scrutiny Over Credit Card Purchases of Memecoins

Investigations by The Block reveal that users of the social trading app Fomo and Robinhood Wallet can purchase memecoins using credit cards via Apple Pay or Google Pay without undergoing separate KYC verification. These transactions are reportedly categorized under MCC 5815 (Digital Goods Media) rather than the crypto-specific MCC 6012 or 6051, allowing users to earn credit card rewards. While the infrastructure provider Crossmint defends the classification by citing SEC and CFTC guidance on digital collectibles, Chase has flagged a transaction as misclassi