JP Morgan debanked Polymarket over regulatory fears- FT

JP Morgan terminated its banking relationship with Polymarket in late 2025 due to regulatory concerns, according to a report by the Financial Times. The bank had informed Polymarket of its intention to sever ties in October, as per sources familiar with the situation. Presently, Polymarket is collaborating with a new lender, though the identity of the bank remains undisclosed.

The decision by JP Morgan arose as Polymarket faced a ban in the United States following a 2022 enforcement action by the Commodity Futures Trading Commission. The ban was imposed due to Polymarket's operation of an unregistered derivatives trading platform. However, the company was granted permission to re-enter the U.S. market under the Trump administration's regulatory framework.

Despite the termination of their banking partnership, JP Morgan has maintained some connections with Polymarket. The bank extended an invitation for Polymarket's CEO, Shayne Coplan, to deliver a presentation at a February conference. Additionally, JP Morgan expresses interest in potentially serving as an underwriter if Polymarket decides to pursue a public offering, as mentioned in the Financial Times report.

Polymarket has not yet provided a response to a request for comment regarding JP Morgan's decision to end their banking relationship.