JPMorgan Chase ceased providing banking services for Polymarket, a federally licensed event exchange, in October 2025, a new media report has highlighted, with sources citing the bank’s reluctance to continue working with the company over growing regulatory uncertainty.
JPMorgan Chase Remains in Close Contact with Polymarket
The Financial Times highlighted the development, also noting that despite the ending of banking services, Polymarket and JPMorgan are still “in close contact”. While JPMorgan Chase is not currently providing banking services, the media reported that it is seeking the underwriting role for the company’s IPO.
The exchange is potentially looking into a new financial round that could push its valuation to $20 billion, with the company’s annualized revenue already tripling to $1.2 billion as per Bloomberg sources.
Polymarket has confirmed that the exchange and the investment bank were indeed in close contact in an email statement for Reuters, another media outlet:
“We maintain a close, active relationship with JPMorgan across multiple entities, operational integrations, and material handling of customer fund flows.
The strength of our relationship is highlighted by our CEO speaking at three of their flagship events in the past year alone. Any suggestion otherwise fundamentally mischaracterizes our relationship.”
In the meantime, Polymarket remains engaged in helping to flag and root out insider trading, with the platform and rival exchange Kalshi flagging more than 140 potential cases since the beginning of the year.