JPMorgan cuts Polymarket banking ties over regulatory concerns: Report
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
JPMorgan Chase ended its banking relationship with prediction market platform Polymarket due to regulatory concerns, according to the Financial Times. The bank informed Polymarket in October 2025 that it needed to find a new banking partner. Despite this, JPMorgan reportedly continues other business ties and may consider underwriting Polymarket's potential public offering.
Why it matters
The report highlights increasing regulatory challenges faced by prediction markets like Polymarket, which are causing major financial institutions such as JPMorgan to reconsider their banking relationships. This reflects growing legal and regulatory pressures in the US and abroad that impact the operational environment for platforms offering sports event contracts and similar products.
Key context
Prediction markets have been under intensified scrutiny with more than a dozen US states taking legal action against Polymarket, Kalshi, or both regarding contracts related to sports events. Additionally, authorities in several countries have blocked or restricted access to Polymarket. Despite these pressures, Polymarket maintains a close relationship with JPMorgan aside from the banking issue.
Key numbers and entities
Key entities mentioned include JPMorgan Chase, Polymarket, and Kalshi. The termination of the banking relationship was communicated in October 2025. No specific financial figures or the identity of Polymarket’s new banking partner are provided.
What remains unclear
The source does not specify which new bank Polymarket has engaged, nor does it provide details on JPMorgan’s exact underwriting interest or timeline for a potential public offering. Additionally, Cointelegraph’s outreach to JPMorgan and Polymarket for comments has not yielded further information.