Polymarket account closure ended JPMorgan banking services in October 2025. JPMorgan retained commercial ties and interest in underwriting a future Polymarket IPO. Polymarket faces state laws
The Polymarket account closure ended the platform’s core banking relationship with JPMorgan Chase in October 2025. The bank cited regulatory concerns and directed the prediction market operator to find another lender. Polymarket has since moved its accounts to an unidentified institution. Yet JPMorgan still maintains commercial links. It wants to compete for a potential underwriting role if Polymarket pursues an initial public offering.
JPMorgan closed the accounts while Polymarket’s original platform excluded US customers. A 2022 CFTC settlement required Polymarket to pay $1.4 million and close noncompliant markets.
The Polymarket account closure did not sever all commercial connections. JPMorgan invited CEO Shayne Coplan to a Miami private-banking conference in February. Polymarket says Coplan joined three major bank events last year.
The company says JPMorgan entities support integrations and customer fund flows. JPMorgan declined comment, leaving the remaining arrangements undisclosed.
Polymarket later returned through Polymarket US after buying QCX and QC Clearing for $112 million. The CFTC designated QCX as a contract market in July 2025. An amended November order allowed intermediated trading.
JPMorgan’s IPO interest matters as Polymarket seeks about $1 billion at a valuation above $20 billion.
Intercontinental Exchange previously agreed to invest up to $2 billion at a $9 billion valuation. A future listing could offer underwriting fees.
The Polymarket account closure lands amid legal pressure. Baltimore has sued Polymarket and Kalshi over sports contracts. New York City lawmakers are reviewing marketing practices across several platforms.
Polymarket and Polymarket US recorded $12.9 billion in combined July volume. Kalshi reached $40 billion during the same month, highlighting stronger recent competition.
The CFTC has not confirmed or denied a reported investigation into Polymarket. Meanwhile, its Innovation Advisory Committee meets August 20, with Coplan serving as a member. A White House meeting with crypto and prediction market executives is expected one day earlier.
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