JP Morgan debanked Polymarket over regulatory fears- FT

 JP Morgan had shuttered its banking relationship with Polymarket in late-2025 on regulatory concerns, the Financial Times reported on Friday.

JPM had notified Polymarket it needed to find a new bank in October, FT reported, citing people familiar with the matter. The prediction market is now working with a new lender whose identity was not immediately clear. 

JPM’s move came as Polymarket was banned from allowing U.S. customers following a 2022 enforcement action by the Commodity Futures Trading Commission for operating an unregistered derivatives trading platform. 

But the company was eventually allowed to re-enter U.S. markets under the Trump administration’s CFTC. 

JPM still has some ties to Polymarket, having invited CEO Shayne Coplan to speak at a February conference. The bank is also keen to land an underwriting role if Polymarket seeks a public offering, the FT report said. 

Polymarket did not immediately respond to an emailed request for comment.