(Bloomberg) — JPMorgan Chase & Co. terminated its banking relationship with Polymarket last year over regulatory concerns, the Financial Times reported.
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JPMorgan notified the prediction-market platform that it needed to find a new bank in October, the paper said, citing people it did not identify. Polymarket is now working with a new lender, the FT said, without identifying it.
A representative for JPMorgan declined to comment. Polymarket, which didn’t immediately respond to a request for comment, said in a statement to the FT that it continues to maintain “a close, active relationship with JPMorgan across multiple entities, operational integrations and material handling of customer fund flows.”
The bank retains some ties to Polymarket as it looks to leave the door open for an underwriting role should it attempt to go public, the paper said, citing a person familiar with the matter.
Prediction markets have grown into a multi-billion dollar industry by offering financial contracts tied to everything from celebrity news to when the Strait of Hormuz will reopen. Wagers on sports dominate prediction market trades and stand at the center of a wide-ranging fight over how to regulate the industry.
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