JPMorgan cut Polymarket’s banking ties in October but still wants a role in a potential IPO: FT

JPMorgan Chase ended its banking relationship with prediction market Polymarket in October 2025, telling the company to find a new banking partner, the Financial Times reported on Friday.

Polymarket has since moved its accounts to a different lender, whose identity the FT could not establish. The bank nevertheless wants to remain in contention for an underwriting role if Polymarket eventually pursues an initial public offering, according to the FT. JPMorgan declined to comment to the outlet.

Reuters independently reported the account closure on Friday evening, citing a person familiar with the matter who spoke on condition of anonymity to discuss confidential information.

At the time of the October 2025 account closure, Polymarket’s original platform was not serving U.S. customers following a 2022 CFTC settlement. The agreement required the company to pay a $1.4 million penalty and wind down markets that did not comply with U.S. derivatives law.

Polymarket later re-entered the country through Polymarket US after acquiring QCX LLC, a derivatives exchange, and QC Clearing LLC, a clearinghouse, in a $112 million deal. The CFTC designated QCX as a contract market in July 2025 and amended that designation in November to permit intermediated trading.