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Visa Reclassifies Memecoin Purchases Amid Merchant Code Controversy

Guavy AI Editorial Team
Instruments
MEME
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Visa is revising its merchant classification for memecoin purchases after scrutiny over transactions involving Robinhood Wallet and Fomo. The company reportedly asked payment processors to stop using the digital-media category, which had been assigned a code of 5815.

This code typically covers digital goods such as movies and audiobooks. However, JPMorgan Chase challenged one Visa transaction, while the New York Attorney General's Office is reviewing the issue.

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