JPMorgan Dumps Polymarket Over Regulatory Fears

JPMorgan Chase & Co., one of the largest banks in the US, terminated its banking relationship with Polymarket last year due to regulatory concerns. According to a report by the Financial Times, JPMorgan notified Polymarket that it needed to find a new bank in October. The exact reason for the de-banking is not specified, but it's clear that the bank was worried about regulatory issues.

Polymarket is a prediction-market platform that allows users to bet on various events and outcomes. It seems that JPMorgan's decision to cut ties with Polymarket had a significant impact on the company, which is now working with a new lender, although its identity has not been disclosed by the FT.