JPMorgan ended banking services for Polymarket in October last year because of regulatory concerns and told the prediction-market company to find another banking partner, according to the Financial Times. Polymarket had already been barred from serving U.S. customers after enforcement action by the U.S. Commodity Futures Trading Commission in 2022. The company has since partnered with a new bank, though it has not named the institution. Even so, JPMorgan still maintains business ties with Polymarket. In February this year, the bank invited CEO Shayne Coplan to speak at a private bank client conference in Miami alongside former NFL player Tom Brady. Polymarket said the two sides remain closely engaged across multiple entities, operational integration and customer fund flows. The report comes as Polymarket, Kalshi and other prediction-market platforms face legal action from several U.S. states in 2026 over allegations that they are operating illegal sports bookmaker businesses. The platforms argue they function as exchanges matching buyers and sellers. User-compiled data shows prediction markets have recorded more than $250 billion in notional trading volume since the start of 2026. At the same time, Polymarket is seeking to raise more than $1 billion at a $20 billion valuation.
JPMorgan ended banking services for Polymarket in October last year because of regulatory concerns and told the company to find a new banking partner, according to the Financial Times.
Polymarket had previously been barred from serving U.S. customers after enforcement action by the U.S. Commodity Futures Trading Commission in 2022.
The company has now partnered with a new bank, although it has not disclosed the name. JPMorgan still keeps business ties with Polymarket and, in February this year, invited chief executive Shayne Coplan to a private bank client conference in Miami, where he spoke alongside former NFL player Tom Brady.
Polymarket said the two sides remain in a close and active relationship across multiple entities, operational integration and the handling of customer fund flows.
Since the start of 2026, prediction-market platforms including Polymarket and Kalshi have faced legal action from several U.S. states over allegations that they operate illegal sports bookmaker businesses. The platforms argue that they are exchanges matching buyers and sellers rather than bookmaker operators.
According to user-compiled data, prediction markets have logged more than $250 billion in notional trading volume since the beginning of 2026.
At the same time, Polymarket is seeking to raise more than $1 billion at a target valuation of $20 billion, more than double the roughly $8 billion valuation from its previous funding round in 2025.
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