Key facts
- JPMorgan Chase ended banking ties with Polymarket.
- JPMorgan Chase cited regulatory concerns for ending its relationship with Polymarket.
- JPMorgan Chase remains open to underwriting Polymarket's potential future IPO.
- A Washington state judge ordered KalshiEX to cease most operations in Washington.
- The Washington state judge found Kalshi likely violated gambling and consumer protection laws.
- The Washington state judge ruled Kalshi operated an illegal gambling enterprise.
- The City of Baltimore sued Kalshi and Polymarket.
- Baltimore alleges Kalshi and Polymarket violated local gambling laws.
- Baltimore alleges Kalshi and Polymarket engaged in deceptive trade practices.
- Baltimore disputes the companies' characterization of event contracts as legal trades.
Prediction market platforms Kalshi and Polymarket are encountering significant regulatory and legal challenges across multiple jurisdictions. JPMorgan Chase has terminated its banking relationship with Polymarket, citing regulatory concerns. Despite ending the banking ties, JPMorgan has indicated it would be open to an underwriting role for Polymarket's potential future initial public offering (IPO).