JPMorgan Dumps Polymarket Over Regulatory Fears

JPMorgan Chase ended its banking relationship with Polymarket in October 2023 due to ongoing regulatory scrutiny. The decision reflects the cautious stance some major lenders take toward prediction markets, where users can wager on outcomes ranging from sports and elections to commodity prices.

Polymarket remains under investigation by the Commodity Futures Trading Commission (CFTC) and faces legal actions in over a dozen U.S. states alongside Kalshi for allegedly operating unlawful sportsbooks. The company's valuation has more than doubled since 2025, reaching $20 billion, as it seeks to raise over $1 billion.

Despite the banking split, JPMorgan still maintains some ties with Polymarket, including conference invitations and operational collaborations. The bank invited Polymarket CEO Shayne Coplan to speak at a private banking client conference in Miami, citing a close and active relationship across multiple entities.