JPMorgan Debanked Polymarket Last Year, Maintains Ties amid IPO Plans

Wall Street banking giant JPMorgan ended its relationship with Polymarket last year, forcing the prediction market to find a new lender amid growing regulatory scrutiny. However, the bank has maintained other business ties amid a potential Polymarket IPO in the future.

JPMorgan Terminated Banking Ties with Polymarket

JPMorgan informed Polymarket in October last year that it would need to secure a different banking partner amid regulatory concerns, FT reported on August 14. The prediction market platform has since moved its accounts to another bank, while the identity remains undisclosed.

This happened at a time when Polymarket was facing heightened scrutiny from regulators. The firm was barred from serving prediction contracts to users in the United States following a 2022 enforcement action by the Commodity Futures Trading Commission for operating an unregistered derivatives trading venue.

Polymarket re-entered the U.S. market in late 2025 after federal rules were loosened under the Trump administration. Since then, the CFTC has sided with prediction markets such as Polymarket and Kalshi as they face state lawsuits.

This year, CEO Jamie Dimon even revealed that JPMorgan might enter prediction markets, but not for sports or politics. However, he views the prediction markets as “gambling.” Notably, Jamie Dimon is also a Bitcoin critic, calling the crypto asset “fraud” and a “pet rock.”

Meanwhile, the New York City (NYC) Council launched a probe into alleged deceptive advertising practices of Coinbase, Kalshi, Polymarket, and Gemini. The council signaled that the probe will largely focus on Polymarket.

Bank Eyes Underwriting Role amid Potential IPO Plans

While JPMorgan discontinued accounts linked to Polymarket, the bank has nonetheless remained open to an underwriting role should the New York-based prediction platform plan an IPO. Notably, Polymarket has not announced an official IPO plan or filed to go public.

Notably, Polymarket is in early talks to raise $1 billion in a new funding round. This would double the valuation to nearly $20 billion. The prediction market has scaled rapidly, recently announcing over $1 billion in annualized revenue.

The prediction market has described its ongoing relationship with the bank as close and active across multiple areas, including operational integrations and client fund processing.

As decentralized forecasting platforms continue to experience explosive growth, users can explore the best crypto prediction markets to compare volume, liquidity, and platform security.