JPMorgan Ends Polymarket Bank Accounts but Stays in Running for IPO Role

JPMorgan Chase & Co. ended some of its banking ties with prediction-market platform Polymarket, but remains interested in winning a role on any future initial public offering, The Block reported on August 15.

JPMorgan asked Polymarket in October 2025 to find a new bank and terminated its existing account services, according to the report. Polymarket later moved its accounts to another financial institution, though its new banking partner has not been identified.

The bank has not completely cut ties with Polymarket. It is still considering participating as an underwriter if the company pursues an IPO.

JPMorgan also invited Polymarket Chief Executive Officer Shayne Coplan to speak at a private-banking event for high-net-worth clients in Miami in February.

Polymarket said it still maintains close ties with JPMorgan. A company spokesperson said Polymarket continues to have an active relationship with the bank across multiple entities, operating systems and customer fund flows. Coplan has attended three major JPMorgan events over the past year, the spokesperson added.

When JPMorgan closed Polymarket's accounts, the company was no longer offering its previous services to US users. In 2022, Polymarket agreed to pay a $1.4 million fine to the Commodity Futures Trading Commission and shut markets that did not comply with US derivatives law.

Polymarket later reentered the US market by acquiring US derivatives exchange QCX and clearinghouse QC Clearing for $112 million. It now operates its US business through Polymarket US.

The episode is drawing attention amid the so-called debanking debate in US finance. Debanking refers to cases in which banks and other financial firms restrict services to certain clients or end business relationships.

JPMorgan faced similar criticism from the digital-asset industry in 2025 after closing accounts tied to Strike CEO Jack Mallers and a ShapeShift executive. The Financial Times and Reuters said they found no evidence that Polymarket's account closure was politically motivated or driven by regulators.

Polymarket has also recently been discussing a roughly $1 billion fundraising that would value the company at more than $20 billion. In October 2025, it was valued at $9 billion after Intercontinental Exchange Inc., the parent of the New York Stock Exchange, agreed to invest as much as $2 billion.

Regulatory pressure on prediction markets is also continuing. Baltimore recently sued Polymarket and rival Kalshi over sports-related prediction products, while the New York City Council has opened an inquiry into the marketing practices of Polymarket, Kalshi and others.