Crypto

Robinhood-linked Apps Allow Meme Coin Purchases Without KYC Verification

Guavy AI Editorial Team Published September 2, 2026

Instruments

WIF

The New York State Attorney General's Office has launched an investigation into two apps linked to Robinhood that allow users to purchase meme coins without know-your-customer (KYC) verification.

Users on Robinhood Wallet and Fomo can buy meme coins such as 'dogwifhat' using credit cards registered with Apple Pay or Google Pay, bypassing KYC procedures. Payments are processed through Crossmint's Token Checkout.

The transactions were classified under the 'digital content' category (MCC 5815), which covers items like audiobooks and digital movies, rather than as cryptocurrency purchases. As a result, users can earn credit card rewards on these transactions.

JPMorgan Chase has requested that Visa look into the matter, noting that the transactions in question were not recognized as cryptocurrency and that the code assignment may have been incorrect.

Robinhood-linked Apps Allow Meme Coin Purchases Without KYC Verification

LSEG Partners with Kraken to Bring Blockchain to Traditional Markets

Eight Startups on the Verge of Going Public: Crunchbase's Predictions for 2026

Core DAO Faces Emergency Hard Fork Over Excess Validator Rewards