JPMorgan Jettisons Polymarket Banking Relationship Amid Regulatory Scrutiny

JPMorgan Chase & Co. has ended its banking relationship with Polymarket, but is still interested in serving as an underwriter if the company pursues an initial public offering (IPO).

According to a report by The Block, JPMorgan told Polymarket in October 2025 to find a new banking partner and terminated its existing account services. However, the bank remains connected to Polymarket through multiple entities and operating systems.

Polymarket has been reentering the US market after acquiring QCX and clearinghouse QC Clearing for $112 million in February 2025. The company is discussing a valuation of over $20 billion and plans to raise about $1 billion in funding.

The move by JPMorgan follows criticism from the crypto industry, which has been calling out banks for 'debanking' - restricting services to certain clients or ending business relationships.