JPMorgan's Polymarket Debanking Sparks Regulatory Concerns
JPMorgan Chase's (JPMC) decision to debank cryptocurrency-based prediction market Polymarket in October 2025 has raised eyebrows. The move was reportedly made due to regulatory concerns, citing people familiar with the matter.
According to the Financial Times, JPMC told Polymarket to find a new lender as part of a three-year ban on US customers accessing the betting platform. Polymarket has since found a new, undisclosed bank, and JPMC continues to maintain ties with the firm, potentially keeping the door open for underwriting an initial public offering (IPO) in the future.
Polymarket claims it has a 'close, active relationship' with JPMorgan across multiple entities and operational integrations. However, regulatory scrutiny remains a concern for the platform, which was approved by the Trump administration but is currently under investigation by the Commodity Futures Trading Commission over marketing practices.