NEWS | JPMorgan ended its primary banking relationship with prediction market platform Polymarket back in October 2025, telling the company to find a new bank over regulatory concerns. The move only became public this week through a Financial Times report. Polymarket has since moved its main banking to an undisclosed lender.
What makes this stranger than a simple cutoff is what came after. JPMorgan kept doing business with Polymarket in other ways, handling major customer fund flows and even inviting its CEO to speak at a private banking conference in Miami. The bank is reportedly still interested in underwriting a future Polymarket IPO. Polymarket itself pushed back hard, saying it maintains a close and active relationship with JPMorgan and that any suggestion otherwise mischaracterizes things.
This lands in the middle of a much bigger fight over debanking in the US. A federal review released in December found that JPMorgan and several other major banks maintain internal policies that restrict or heavily scrutinize certain lawful industries, prediction markets and crypto among them. Meanwhile Wall Street is pouring money into Polymarket elsewhere, with the New York Stock Exchange's parent company investing up to 2 billion dollars and Polymarket now reportedly seeking funding at a valuation north of 20 billion dollars.
So banks are backing away from Polymarket with one hand while chasing its growth with the other. That contradiction says more about how nervous US regulation still makes banks than it does about Polymarket itself.
Here's what that leaves unanswered. If JPMorgan sees this much upside in Polymarket, why cut the one relationship users actually depend on to trust the platform with their money?
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