JPMorgan Ended Polymarket Banking Relationship Over Regulatory Concerns: Report
Key Takeaways
- •JPMorgan ended its banking relationship with Polymarket over regulatory concerns, according to the Financial Times.
- •Polymarket was told in October 2025 to find a new bank and now works with an unidentified lender.
- •JPMorgan is reportedly interested in an underwriting role if Polymarket goes public.
- •Polymarket said it still has a close, active relationship with JPMorgan.
- •Prediction markets, including Polymarket, face growing regulatory pressure in the United States and abroad.
JPMorgan Chase has ended a banking relationship with prediction market platform Polymarket over regulatory concerns, according to a Financial Times report published Friday that cited people familiar with the matter.
The bank notified Polymarket in October 2025 that it needed to find a new bank, the Financial Times reported. Polymarket now works with an unidentified lender.
Despite cutting the banking relationship, JPMorgan has maintained other ties with the platform. The bank is reportedly keen on a potential underwriting role should Polymarket attempt to go public. Polymarket said that it continues to have a "close, active relationship" with JPMorgan.
Cointelegraph has approached JPMorgan and Polymarket for comment.
Background
Polymarket is a crypto-based prediction market that allows users to bet on the outcomes of real-world events such as elections and sports. The platform operates on the Polygon blockchain and rose to prominence during the 2024 US presidential election, when it processed billions of dollars in wagers. In 2022, Polymarket agreed to pay $1.4 million to settle Commodity Futures Trading Commission (CFTC) charges that it offered event-based trading without proper registration, and it blocked US users as part of the settlement. In 2025, the platform acquired QCX, a CFTC-licensed exchange, as part of its effort to re-enter the US market.
Prediction markets are facing increasing regulatory scrutiny in the US and abroad, and that backdrop helps explain why banking access has become a sensitive issue for firms in the sector. More than a dozen US states have taken legal action against Polymarket, Kalshi or both over sports event contracts, including Kentucky, which sued both platforms. Kalshi is a US-based exchange regulated by the CFTC whose rollout of sports event contracts in 2025 drew challenges from state authorities. Overseas, regulators in several countries have also blocked or restricted access to Polymarket, including Singapore, which cited gambling concerns.
JPMorgan Chase is the largest bank in the United States by assets. The severing of banking services to crypto-industry clients, a practice commonly referred to as "debanking," has been a recurring point of friction between traditional financial institutions and digital asset firms.
Related: Why Argentina is blocking Polymarket despite its global growth (Cointelegraph Magazine)
