Visa to close Crossmint memecoin rewards loophole following The Block investigation: report
60-second summary
Visa will close the Crossmint‑powered memecoin rewards loophole next week after a grace period, following The Block’s investigation. The loophole lets users earn crypto rewards for purchases, prompting regulatory scrutiny. Although sales remain active on both apps, the imminent shutdown forces merchants to adjust incentive models, likely curbing crypto‑linked promotional spend and tightening compliance across the payments industry.
Though the Crossmint-powered memecoin sales are still live on both apps, Visa's grace period is expected to end next week, per the report.