FT: JPMorgan Ended Polymarket Banking Ties Over Regulatory Concerns
Summary
- JPMorgan Chase told Polymarket it was ending their banking relationship because of regulatory concerns, according to the report.
- Polymarket halted U.S. services after the CFTC imposed a $1.4 million settlement tied to operating an unregistered derivatives exchange, and later returned to the U.S. market as regulation eased.
- Even after the formal relationship ended, JPMorgan invited Polymarket's CEO to speak at a private client conference and is interested in a future IPO underwriting role.
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JPMorgan Chase ended its banking relationship with decentralized prediction market platform Polymarket over regulatory concerns, according to a report.
CoinDesk reported on August 14, citing the Financial Times, that JPMorgan stopped providing banking services to Polymarket late last year.
The bank told Polymarket in October 2025 that it needed to find a new banking partner because of regulatory concerns, the report said. Polymarket later moved its business to another bank, though the financial institution was not identified.
Polymarket stopped serving U.S. users after agreeing to pay a $1.4 million settlement to the Commodity Futures Trading Commission in 2022 over operating an unregistered derivatives exchange. It returned to the U.S. market late last year as federal regulation eased.
The end of the formal banking relationship did not completely sever ties between the two sides, according to the report. JPMorgan invited Polymarket Chief Executive Officer Shayne Coplan to speak at a private client conference in February. The bank is also interested in serving as an underwriter if Polymarket moves ahead with an initial public offering, the report said.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.