JPMorgan shuttered its banking relationship with predictions platform Polymarket: FT
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Summary
JPMorgan Chase ended its banking relationship with decentralized prediction market platform Polymarket in late 2025, citing regulatory concerns, according to the Financial Times. Polymarket had previously been barred from serving U.S. users in 2022 after a $1.4 million settlement with the Commodity Futures Trading Commission (CFTC) for operating an unregistered derivatives trading venue. Despite this, Polymarket reentered the U.S. market in late 2025 following a loosening of federal regulations under the Trump administration. After JPMorgan's exit, Polymarket secured a new banking partner, though the identity of that lender is not disclosed.
Why it matters
The development highlights ongoing regulatory challenges faced by platforms offering decentralized prediction markets. JPMorgan’s decision to withdraw banking services due to regulatory concerns illustrates the caution traditional financial institutions exercise when dealing with crypto entities under regulatory scrutiny. Polymarket’s return to the U.S. market and changing banking relationships reflect the impacts of shifting federal regulatory environments on crypto businesses.
Key context
Polymarket was barred in 2022 from serving U.S. users following a $1.4 million CFTC settlement for running an unregistered derivatives trading platform. The company reentered the U.S. market after federal rules were loosened under the Trump administration. Despite JPMorgan ceasing formal banking services, it maintained some ties with Polymarket, having invited its CEO Shayne Coplan to a private client conference in February 2026 and seeking involvement in any potential Polymarket IPO underwriting.
Key numbers and entities
The Financial Times, JPMorgan Chase, Polymarket, the Commodity Futures Trading Commission (CFTC), Shayne Coplan, and a $1.4 million settlement figure are prominently mentioned. The timeframe involves events in late 2025 and early 2026.
What remains unclear
The Financial Times report does not disclose the name of the new banking partner Polymarket secured after JPMorgan’s exit. The details of JPMorgan’s ongoing connection to Polymarket beyond the CEO’s conference appearance and IPO interests are not fully explained. The source does not flag other open questions.