JPMorgan Chase remains open to underwriting a potential Polymarket initial public offering despite terminating the prediction market platform’s banking relationship last year over regulatory concerns, Financial Times (FT) reported. Polymarket has not yet announced an IPO or filed to go public.
The New York-based company is separately seeking to raise more than $1 billion at a valuation of about $20 billion, more than double the roughly $8 billion valuation it reached in a 2025 fundraising round. Polymarket has also recently reported more than $1 billion in annualized revenue.
JPMorgan reportedly told Polymarket in October that it needed to find another banking partner. The platform has since moved its accounts to an unidentified lender. However, FT reports that the bank has maintained other ties, including inviting Polymarket Chief Executive Shayne Coplan to speak at a Miami conference for wealthy private banking clients in February alongside former NFL star Tom Brady.
The bank is also seeking to remain in contention for an underwriting role if Polymarket eventually lists publicly. “They don’t want to burn all their bridges,” one person close to the prediction platform told Financial Times.
Polymarket said it maintains “a close, active relationship with JPMorgan across multiple entities, operational integrations and material handling of customer fund flows”. “Any suggestion otherwise fundamentally mischaracterises our relationship,” the platform told the outlet.
The banking decision came while Polymarket was barred from serving U.S. customers following a 2022 Commodity Futures Trading Commission enforcement action over operating an unregistered derivatives trading platform. The company returned to the U.S. market in late 2025 after federal rules were loosened under the Trump administration, although the CFTC has an ongoing investigation into the company.
More than a dozen U.S. states have also taken legal action against Polymarket and rival Kalshi, alleging they operate unlawful sportsbooks. The companies argue they are exchanges matching opposing sides of wagers rather than bookmakers.
Regulatory attention has expanded further, with the New York City Council investigating alleged deceptive advertising involving Coinbase, Kalshi, Polymarket and Gemini, with Polymarket expected to be a central focus.
Prediction markets have generated more than $250 billion in notional trading volume so far in 2026, according to user-compiled Dune data.
JPMorgan Chief Executive Jamie Dimon said this year the bank could enter prediction markets outside sports and politics, although he described them as “gambling.” He has also called Bitcoin “fraud” and a “pet rock.”
The issue of “debanking” is under scrutiny in Washington. The U.S. government is investigating several large banks, including JPMorgan, over fair access to banking services, while President Donald Trump has sued JPMorgan and Dimon over alleged politically motivated account closures. JPMorgan has said the lawsuit has no merit.
Original article: https://www.yogonet.com/international/news/2026/08/14/125893-jpmorgan-ends-polymarket-banking-ties-but-keeps-door-open-to-ipo-role-reports-financial-times
