JPMorgan Halts Banking for Polymarket, Per FT Report
TL;DR:
- JPMorgan notified Polymarket in October 2025 that it needed to find a new bank, as reported by the Financial Times citing sources close to the matter.
- The banking relationship was severed over regulatory concerns, although the platform already operates with another lender whose identity was not disclosed.
- Despite the formal break, JPMorgan maintains ties with Polymarket and seeks an underwriting role if the platform moves forward with a public offering.
JPMorgan Chase severed its banking relationship with Polymarket in October 2025 over regulatory concerns, according to a report by the Financial Times citing sources familiar with the matter. The bank notified the prediction markets platform that it needed to find a new financial services provider. Polymarket already operates with another lender, though its identity was not disclosed.
The case carries legal precedents that weigh on the platform. In 2022, the Commodity Futures Trading Commission (CFTC) sanctioned Polymarket with a $1.4 million settlement for operating an unregistered derivatives market, which barred it from serving U.S. users. The platform returned to the domestic market in late 2025, once the Trump administration loosened sector regulations at the federal level.
… Continue reading the full article at the original source below.
