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JPMorgan ends Polymarket banking ties, but seeks IPO underwriting role
The change followed JPMorgan’s October 2025 instruction for Polymarket to find a new banking partner amid regulatory concerns, and comes as the CFTC investigates Polymarket.
JPMorgan Chase ended its banking relationship with Polymarket in October 2025 after telling the prediction market platform to find a new banking partner, the Financial Times reported. The outlet cited regulatory concerns as the reason for the account closure.
Polymarket has since moved its accounts to another lender, whose identity the Financial Times said it could not establish. Despite the banking separation, the report said Polymarket maintains a close, active relationship with JPMorgan and that JPMorgan wants to remain in contention for an underwriting role in a potential Polymarket initial public offering.
Reuters independently reported the account closure on Friday evening, citing a person familiar with the matter speaking on condition of anonymity. In October 2025, Polymarket’s original platform was not serving U.S. customers following a 2022 CFTC settlement.
The settlement required Polymarket to pay a $1.4 million penalty and wind down markets that did not comply with U.S. derivatives law. Polymarket later reentered the country through Polymarket US after acquiring QCX LLC, a derivatives exchange, and QC Clearing LLC, a clearinghouse, in a $112 million deal, while the CFTC also has an ongoing investigation into Polymarket, according to the Financial Times.