JPMorgan debanked Polymarket last year over regulatory concerns, source says
The bank cited regulatory concerns as Polymarket faces continued scrutiny and possible IPO plans, while the platform has moved to another bank.
- On Friday, the Financial Times reported that JPMorgan Chase ended its banking relationship with prediction market platform Polymarket in October 2025, citing regulatory concerns.
- Polymarket has faced consistent regulatory pressure, including a $1.4 million CFTC penalty in 2022 and recent state lawsuits against competitors like Kalshi alleging gambling law violations.
- Disputing the reported break, a Polymarket spokesperson stated in an emailed statement that the company maintains a "close, active relationship" with JPMorgan regarding operational integrations and fund flows.
- Despite the account closure, JPMorgan invited Polymarket CEO Shayne Coplan to a private banking conference in February and remains reportedly interested in a potential IPO underwriting role.
- Amid broader industry scrutiny, New York City Council Speaker Julie Menin requested information from Polymarket earlier this week as part of an inquiry into marketing practices.
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JPMorgan debanked Polymarket last year over regulatory concerns, source says
JPMorgan Chase terminated its banking relationship with prediction market platform Polymarket in October of last year, citing regulatory concerns, a person familiar with the matter said on Friday.
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Exposed weakness: A fraudulent $1,596 payment exposed weaknesses in Thibodaux’s financial controls, including vendor banking changes, utility accounts, payroll records and reconciliations. Auditors found insufficient verification and documentation that could increase the risk of errors or fraud. The city agreed to strengthen its procedures, and the findings did not result in a modified audit opinion. The Center Square has the full story. Polymar…
J.P. Morgan Chase ended its banking relationship with Polymarket last year due to regulatory concerns, highlighting the industry's growing apprehension about rapidly expanding forecasting platforms. Exclusive content for subscribers. For full access, follow the link to the article and register.
JPMorgan Debanked Polymarket Over Regulatory Concern, FT Says
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