- JPMorgan told Polymarket in October 2025 to find a new banking partner.
- Regulatory concerns drove the banking decision, according to the FT.
- JPMorgan still maintains other commercial links with Polymarket.
JPMorgan ended its banking relationship with Polymarket in late 2025 over regulatory concerns, according to the Financial Times. The bank reportedly notified the prediction-market company in October that it needed another banking partner. The JPMorgan Polymarket relationship changed during a period of shifting U.S. regulation. Polymarket has since moved its banking business to another unnamed lender.
JPMorgan Polymarket Banking Relationship Ended in October 2025
The JPMorgan Polymarket banking arrangement ended while Polymarket was rebuilding its U.S. regulatory presence. The CFTC had barred the platform from serving U.S. customers after a 2022 enforcement case.
That earlier action resulted in a $1.4 million penalty over unregistered event-based binary options. Polymarket later returned through QCX LLC, which operates its regulated U.S. business.
The CFTC designated QCX as a contract market in July 2025. It later granted no-action relief covering certain reporting and recordkeeping requirements.
Those developments mean the JPMorgan Polymarket decision came while the company was already moving toward a regulated U.S. structure. Banks can still make separate compliance and risk decisions despite regulatory approvals.
JPMorgan Polymarket Links Continue Outside Core Banking
The banking exit did not end every JPMorgan Polymarket connection. JPMorgan invited Polymarket CEO Shayne Coplan to a client event in February 2026.
The Financial Times also reported that JPMorgan wants a possible underwriting role if Polymarket pursues an initial public offering. That interest separates the closed banking relationship from the bank’s other commercial activity.
Meanwhile, prediction markets face closer attention from regulators and local governments. Sports-event contracts, consumer protections and market conduct have become recurring areas of scrutiny.
Polymarket US still operates as a CFTC-regulated designated contract market. The JPMorgan Polymarket episode shows that regulated status does not automatically settle every bank compliance review.
Neither company had publicly detailed the banking decision when the report emerged. Polymarket now works with a different lender whose identity remains undisclosed.
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