JPMorgan Dumps Prediction Market Platform Over Regulatory Worries

JPMorgan Chase & Co. has ended its banking relationship with Polymarket, a prediction-market platform, due to regulatory concerns. The decision was made in October last year, giving Polymarket notice to find alternative banking services.

Despite the termination of their banking ties, Polymarket claims it still maintains an 'active relationship' with JPMorgan across various entities and operational integrations.

The platform emphasized that it handles significant customer fund flows in collaboration with the bank. Interestingly, while JPMorgan appears to have severed its official banking ties with Polymarket, a source close to the matter suggests that the bank may be keeping an option open for future engagement if Polymarket decides to go public.

Polymarket has since partnered with another lender, but details about this new bank remain undisclosed. JPMorgan declined to comment on the matter.