JPMorgan Cuts Banking Ties With Polymarket
After the CFTC settlement, Polymarket had to look for a new banking partner again. JPMorgan still appears interested in a role around a possible IPO.
Key Takeaways
- JPMorgan Chase stopped providing banking services to Polymarket at the end of last year, forcing the platform to look for a new banking partner.
- Polymarket previously received a $1.4 million settlement from the CFTC and had to block US users because of an unregistered derivatives market.
- JPMorgan does not appear to have fully cut ties and would still be seeking a role as underwriter in a possible IPO.
JPMorgan Chase ended its banking services for Polymarket at the end of last year, the Financial Times reports. The decentralized prediction market therefore had to look for a new banking partner, while its relationship with the traditional financial sector remained under pressure because of regulatory concerns.
Banking Relationship Under Pressure
According to the FT report, JPMorgan told Polymarket in October 2025 that it needed to find another bank. The platform operator has since switched to another lender, although its name has not been disclosed.
The move fits into the broader tension between crypto-related platforms and banks that remain cautious about products with a clear regulatory edge. Polymarket had already run into trouble with US regulators: in 2022, the platform received a $1.4 million (€1.2 million) settlement from the CFTC for running an unregistered derivatives market and had to block US users. More recently, the regulator remained critical as well: in a warning to prediction markets, the CFTC pointed to sloppy contract filings and possible compliance risks.
Return to the US
That history makes the recent development especially relevant for readers following the US market. Polymarket returned to the US at the end of 2025 after the Trump administration loosened federal rules, while the platform also kept working on a more professional stance toward regulators and institutional players.
Christopher Giancarlo, a former CFTC commissioner, also helps there as chairman of Polymarket’s advisory board. That highlights how the company wants to present itself more clearly as a regulated market platform, even though the sector remains sensitive to political and legal shifts.
JPMorgan Keeps the Door Open
What stands out is that JPMorgan does not appear to have completely severed the relationship. The bank invited CEO Shayne Coplan in February 2026 to speak at a closed-door conference for clients and would still be aiming for a role as underwriter in a possible IPO.
That shows that big banks and prediction markets are connected not only through compliance and banking services, but also through capital markets access and reputation. For European crypto followers, that matters because it shows how quickly the line between traditional finance and crypto-native products can shift once regulators change the rules.
