JPMorgan Chase ended its banking relationship with Polymarket in October 2025 over regulatory concerns and told the prediction-market platform to find another bank, the Financial Times reported. The bank has kept other ties to Polymarket even so, while regulators keep pressing the platform on separate fronts.
JPMorgan Chase ended its banking relationship with Polymarket in October 2025 and told the company to find another bank, the Financial Times reported on Aug. 14, citing regulatory concerns behind the decision. Polymarket has since moved its accounts to an unidentified bank.
JPMorgan kept other ties despite the closure
The account closure did not end all business between the two companies. Polymarket told the Financial Times it maintains "a close, active relationship with JPMorgan across multiple entities", according to the report, though JPMorgan declined to comment.
The bank also invited Polymarket CEO Shayne Coplan to a private banking conference in Miami in February, and it remains interested in an underwriting role should Polymarket eventually pursue an initial public offering. No public IPO filing has been announced.
Regulatory scrutiny keeps building
JPMorgan's exit came as Polymarket was still rebuilding its U.S. footprint after a 2022 CFTC enforcement action forced Blockratize, the company behind Polymarket, to pay a $1.4 million civil penalty and wind down noncompliant markets. Since then, Polymarket has acquired QCX and QC Clearing, and the CFTC registry now lists QCX LLC as a designated contract market operating as Polymarket US.
The scrutiny has not stopped there. The Financial Times reported in June that the CFTC opened another investigation into Polymarket, though neither side confirmed its focus.
The New York City Council also announced an inquiry into prediction-market advertising on Aug. 12, requesting information from Polymarket and three other platforms. JPMorgan CEO Jamie Dimon has separately called prediction markets gambling, even as the bank considers entering the space itself, according to CoinGape.
Fundraising talks could lift the valuation past $20 billion
Polymarket is separately in early talks to raise roughly $1 billion at a valuation above $20 billion, Reuters reported Aug. 4, citing Bloomberg; neither Reuters nor Polymarket has independently confirmed the figures. The platform has also said it is generating more than $1 billion in annualized revenue, according to CoinGape. ICE, the parent of the New York Stock Exchange, invested $1 billion in Polymarket in October 2025 and added another $600 million in March 2026.
That growing valuation talk comes as the Office of the Comptroller of the Currency's December review found that nine large national banks, including JPMorgan, had policies restricting some lawful industries.
Sources: crypto.news, CoinGape
Trading involves risk.
Risk Disclaimer
