Visa fixing loophole allowing credit card rewards on meme coin purchases via Crossmint

Visa is working to close a loophole that allowed users to earn credit card rewards or cashback on meme coin purchases processed through Crossmint. Transactions made via Robinhood Wallet and Fomo using Apple Pay or Google Pay were incorrectly categorized as digital media purchases, such as e-books or movies, rather than cryptocurrency transactions. Following concerns raised by JPMorgan, Visa determined these transactions were misclassified and is updating its rules to ensure future meme coin purchases are treated as crypto transactions.