Key facts
- JPMorgan Chase ended its banking relationship with prediction market platform Polymarket in October of last year.
- The bank cited regulatory concerns as the reason for terminating the relationship.
- Polymarket stated it has a close and active relationship with JPMorgan across multiple entities.
- Prediction markets have faced increased regulatory scrutiny at state and federal levels.
- New York's attorney general sued Polymarket rival Kalshi, alleging violation of state gambling laws.
JPMorgan Chase terminated its banking relationship with prediction market platform Polymarket in October of last year, citing regulatory concerns, according to a person familiar with the matter. The news was previously reported by the Financial Times.
Prediction markets, which allow individuals to wager on event contracts related to topics such as sports and politics, have experienced rapid growth, particularly since the 2024 U.S. presidential election. This expansion has attracted regulatory scrutiny from both state and federal authorities.