JPMorgan Debanked Polymarket Over US Regulatory Concerns
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JPMorgan severed its links with Polymarket last year, citing regulatory concerns as the prediction market industry stood on shakier ground than it does today.
Key facts
Polymarket’s last valuation rose to $15 billion after an unreported $1 billion funding round led by Intercontinental Exchange (ICE) in April, and an IPO could boost this number exponentially
The president himself has accused JPMorgan of debanking him after the January 6 incident and is seeking at least $5 billion in damages
The Commodity Futures Trading Commission (CFTC) sued Kentucky in federal court on June 23 to block the state's crackdown on…
According to reports from the Financial Times, JPMorgan would have severed its banking relationship with the prediction market platform in October, citing regulatory concerns
Summary
JPMorgan cut banking ties with Polymarket in October due to regulatory concerns over unregistered trading. Despite the debanking, Polymarket retains operational links with JPMorgan, which may underwrite its IPO. The DOJ is now investigating JPMorgan and eight other banks for politically motivated debanking practices. JPMorgan, one of the largest investment banks, was involved in the financial services denial epidemic, known as “debanking,” that affected several cryptocurrency-focused companies and individuals.