JPMorgan Halted Polymarket Banking Amidst Broader Crypto Crackdown

JPMorgan has halted banking services for Polymarket, according to a report by Financial Times. This move is part of a broader effort by regulatory bodies to crack down on unlicensed gaming operations in the crypto space.

Prior to this development, JPMorgan had raised its investment in Bitcoin and Ether ETF positions in Q2. The bank increased its IBIT holdings by about 25% to 10.4 million shares and more than quadrupled its ETHA position to roughly 1.17 million shares.

The actions of regulatory bodies have significant implications for the crypto industry, particularly those involved in decentralized finance (DeFi) protocols like Polymarket.