JPMorgan Cuts Ties with Prediction Market Platform Polymarket

JPMorgan Chase ended its banking relationship with prediction market platform Polymarket in October 2023 due to regulatory concerns, according to an informed source.

Polymarket disputes any suggestion of a broader rupture with the bank, stating that it maintains a close and active relationship with JPMorgan across multiple entities, operational integrations, and material handling of customer fund flows.

The company's spokesperson emphasized that this is underscored by Polymarket's CEO speaking at three of JPMorgan's flagship events in the past year.

The regulatory pressure on prediction market platforms has been intensifying since the 2024 U.S. presidential election, with New York's attorney general suing Polymarket rival Kalshi for alleged gambling law violations and criticizing predatory marketing practices in the sector.