JPMorgan Ends Polymarket Bank Account Services, Keeps Eye on Future IPO Role

JPMorgan Chase & Co. ended bank account services for prediction-market platform Polymarket, but has continued courting the company as it competes for a role on any future initial public offering, The Block reported.

The bank told Polymarket in October 2025 to find a new banking partner and terminated its existing account services, according to the Aug. 15 report. Polymarket later moved its accounts to another financial institution, though the new bank has not been identified.

JPMorgan has not fully cut ties with Polymarket. The bank is still interested in serving as an underwriter if the company pursues an IPO, the report said.

In February, JPMorgan invited Polymarket Chief Executive Officer Shayne Coplan to speak at a private-banking event for wealthy clients in Miami.

Polymarket also said it remains closely connected to JPMorgan. A spokesperson said the company maintains an active relationship with the bank across multiple entities, operating systems and customer fund flows, and that Coplan has attended three major JPMorgan events over the past year.

When JPMorgan closed the accounts, Polymarket was no longer offering its prior services to US users. In 2022, the company agreed to pay a $1.4 million fine to the Commodity Futures Trading Commission and shut down markets that did not comply with US derivatives law.

Polymarket later reentered the US market by acquiring US derivatives exchange QCX and clearinghouse QC Clearing for $112 million. It now operates its US business through Polymarket US.

The episode is drawing attention amid a broader debate over so-called debanking in US finance. The term refers to banks and other financial firms restricting services to certain clients or ending business relationships.

JPMorgan drew similar criticism from the crypto industry in 2025 after closing accounts tied to Strike CEO Jack Mallers and a ShapeShift executive. The Financial Times and Reuters reported they found no evidence that Polymarket's account closure was politically motivated or required by regulators.

Polymarket has also recently been in talks to raise about $1 billion at a valuation of more than $20 billion. In October 2025, the company was valued at $9 billion after Intercontinental Exchange Inc., parent of the New York Stock Exchange, agreed to invest as much as $2 billion.

Regulatory pressure on prediction markets is also continuing. Baltimore recently sued Polymarket and rival Kalshi over sports-related prediction products, while the New York City Council has opened an investigation into the marketing practices of Polymarket, Kalshi and others.