JPMorgan Cut Polymarket’s Account in October 2025 But Seeks Role in Potential IPO
JPMorgan Chase told Polymarket to find a new bank in October 2025, citing regulatory concerns; while accounts were moved to an unidentified bank, JPMorgan’s desire to take a role in a potential IPO emerged through a Financial Times (FT) report and independent verification by Reuters.
According to the Financial Times report, JPMorgan informed Polymarket in October that it would terminate its banking relationship and asked the company to find a new financial institution. Polymarket subsequently moved its accounts to another bank. JPMorgan did not comment to the FT regarding the decision.
Despite this, the bank wants to remain among the candidates for the lead underwriter role organizing the sale of shares if Polymarket conducts an IPO in the future. While the company’s IPO plan has not yet been finalized, JPMorgan’s role in this process is also not clear. Reuters independently confirmed the same account closure development on Friday evening, citing a source close to the matter.
Ties between JPMorgan and Polymarket continue
A Polymarket spokesperson said a “close and active relationship” continues between JPMorgan and the company through various entities, operational integrations, and client fund flows. The spokesperson also stated that CEO Shayne Coplan has spoken at three major bank events in the last year. Coplan appeared alongside former NFL player Tom Brady at a conference in Miami in February targeting wealthy private banking customers.
Polymarket had previously faced CFTC regulations due to its activities in the US. FT also reported that the CFTC is conducting an investigation into the company, but the agency neither confirmed nor denied the investigation. Baltimore suing Polymarket and Kalshi over sports contracts and the New York City Council’s move to examine the platforms’ marketing practices showed that pressure on prediction markets continues. According to Reuters, Polymarket is holding early-stage talks aiming to raise approximately $1 billion and reach a valuation of over $20 billion.