JPMorgan just debanked $POLY's Polymarket in October.
Classic TradFi move when regulators start circling. Same playbook we've seen with every crypto platform that gets too big too fast.
Polymarket's been printing since the election cycle - probably got too visible for JPM's risk appetite. When the largest US bank cuts you off, it's either:
1. DOJ/CFTC heat incoming
2. Settlement negotiations behind closed doors
3. Both
Prediction markets are in regulatory no-man's land in the US. CFTC wants them classified as derivatives. Polymarket's offshore but processes USD. That's the friction point.
If you're building anything touching prediction markets or betting infrastructure - expect banking to be your biggest bottleneck, not tech.
The debanking meta continues. 🏦🔪
Classic TradFi move when regulators start circling. Same playbook we've seen with every crypto platform that gets too big too fast.
Polymarket's been printing since the election cycle - probably got too visible for JPM's risk appetite. When the largest US bank cuts you off, it's either:
1. DOJ/CFTC heat incoming
2. Settlement negotiations behind closed doors
3. Both
Prediction markets are in regulatory no-man's land in the US. CFTC wants them classified as derivatives. Polymarket's offshore but processes USD. That's the friction point.
If you're building anything touching prediction markets or betting infrastructure - expect banking to be your biggest bottleneck, not tech.
The debanking meta continues. 🏦🔪