JPMorgan cut Polymarket’s banking ties in October but still wants a role in a potential IPO: FT
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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.
Key facts
Polymarket is in early talks to raise roughly $1 billion at a valuation above $20 billion, on Aug. 4
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
At the time of the October 2025 account closure, Polymarket’s original platform was not serving U.S. customers following a 2022 CFTC settlement
Coplan is a member of the CFTC's Innovation Advisory Committee, which holds its first meeting Thursday, Aug. 20
Summary
Polymarket has since moved its accounts to a different lender, whose identity the FT could not establish. 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. 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.