JPMorgan Chase ended its banking relationship with Polymarket in October 2025 because of regulatory concerns, according to the Financial Times. The prediction-market operator subsequently moved to another lender, whose identity was not disclosed.
At the time, Polymarket could not serve US users following a 2022 Commodity Futures Trading Commission enforcement action over its operation of an unregistered derivatives platform.
The CFTC permitted the company to re-enter the US market in 2025, although the agency is reportedly continuing to investigate the business.
The account closure has not ended all contact between the companies. JPMorgan invited Polymarket CEO Shayne Coplan to address a private-client conference in Miami in February, and the bank reportedly wants to remain under consideration for an underwriting role if the platform pursues an initial public offering.
Polymarket said it maintained a close and active relationship with JPMorgan across several entities, operational integrations and customer fund flows. JPMorgan declined to comment.
The case illustrates the banking constraints that emerging prediction-market operators can face amid uncertainty over how their products should be classified. More than a dozen US states have taken action against Polymarket and rival Kalshi for allegedly offering unlawful sports betting.
Both businesses argue that they operate exchanges matching opposing positions rather than acting as bookmakers.
Debanking has also become a political issue in the US, where the Government is examining whether major banks have provided fair access to services. Banks maintain that regulatory obligations can create legal exposure when handling sensitive accounts.
Prediction markets have recorded more than $250bn in notional trading volume during 2026, according to user-compiled Dune data. Polymarket is reportedly seeking over $1bn at a $20bn valuation, up from approximately $8bn in 2025.
Polymarket is also facing heightened scrutiny in Europe. Italy and the Czech Republic recently added the platform to their gambling blacklists, while France ordered internet service providers to block access after classifying its offering as illegal gambling.
Lazio and Polymarket mutually terminated their sponsorship agreement in August following regulatory measures affecting the partnership
