JPMorgan Chase terminated its banking relationship with the decentralized prediction market platform Polymarket late last year, the Financial Times reported.
In October 2025, the bank notified Polymarket that it needed to secure a new banking partner due to regulatory concerns. Polymarket has since transitioned to another lender, though the institution’s identity remains undisclosed, according to the FT.
The platform was barred from serving U.S. users in 2022 following a $1.4 million settlement with the Commodity Futures Trading Commission (CFTC) over operating an unregistered derivatives trading venue. Polymarket re-entered the U.S. market in late 2025 after the Trump administration relaxed federal regulations.
Despite severing the formal banking link, JPMorgan has reportedly maintained certain connections. For instance, the bank invited Polymarket CEO Shayne Coplan to address a private client conference in February 2026 and is reportedly positioning itself for a potential role underwriting a future initial public offering.
CoinDesk contacted Polymarket for comment.
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