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JPMorgan Chase ended a banking relationship with prediction-market platform Polymarket in October 2025 over regulatory concerns, according to people familiar with the matter. The bank told Polymarket it needed to find another lender.
Polymarket has since moved the affected banking services to another institution, whose identity has not been disclosed. The company says the closure did not end its wider relationship with JPMorgan and that the two continue working together through other entities and functions.
Polymarket Bought $112M QCX Exchange Before JPMorgan Cutoff
The banking decision came as Polymarket was rebuilding its regulated U.S. presence following a 2022 Commodity Futures Trading Commission enforcement case. The CFTC required Polymarket to pay a $1.4 million penalty and wind down markets that did not comply with federal derivatives rules.
Before JPMorgan’s October decision, Polymarket announced in July 2025 that it had acquired derivatives exchange QCX and affiliated clearinghouse QC Clearing for $112 million. The acquisition was intended to provide the infrastructure for Polymarket’s return to the U.S. market.
QCX had received CFTC designated contract market status on July 9, 2025 and now operates as Polymarket US. The CFTC continues to list QCX LLC d/b/a Polymarket US as a designated contract market.
JPMorgan Kept Other Polymarket Ties After Banking Exit
Polymarket said it continues to have an active relationship with JPMorgan across several entities and functions, including operational integrations and fund flows. JPMorgan declined to comment publicly on the October account closure.
The bank also invited Polymarket CEO Shayne Coplan to speak at a private-banking event in Miami in February. People familiar with the matter said JPMorgan also wants to remain positioned for possible investment-banking work if Polymarket eventually pursues an initial public offering.
The newly disclosed closure therefore represents the end of one banking arrangement rather than a complete break between the companies. Polymarket has replaced the affected lender while maintaining other commercial ties with JPMorgan.
