JPMorgan Cuts Ties with Polymarket Over Regulatory Concerns

JPMorgan ended its banking relationship with Polymarket in October 2025 over regulatory concerns, citing potential risks to their operations. The decision came as Polymarket was rebuilding its U.S. regulatory position through QCX and had already shifted its main banking relationship to another lender.

Polymarket maintained that it still had a broader relationship with JPMorgan, including ties across multiple entities, operational integrations, and customer fund flows. The bank had also invited Polymarket's CEO Shayne Coplan to a private banking conference in Miami and remained interested in a potential underwriting role if Polymarket pursued an initial public offering.

The CFTC had granted QCX designated contract market status on July 9, 2025, and later provided targeted no-action relief on September 3, 2025. This marked a shift from earlier U.S. restrictions on Polymarket's operations.