According to a report cited by the Financial Times, citing insiders, the Wall Street giant JPMorgan Chase had fully terminated its banking business relationship with the prediction market Polymarket as of October 2025, and issued a “go away” order, urging the company to find another safe harbor to park its funds.

Since then, Polymarket has transferred its funds accounts to another financial institution, but the true identity of the receiving bank has not yet been confirmed (Financial Times). Reuters also cited statements from anonymous sources, independently corroborating the account closure incident.

However, Wall Street’s abacus is in good working order. Reports reveal that although JPMorgan Chase has cut off Polymarket’s basic banking services, the bank still hopes to secure the role of underwriter if the prediction market platform launches an initial public offering (IPO) in the future. In response to the above rumors, JPMorgan Chase declined to comment.

Looking back at the timeline and circumstances of this account termination incident, it occurred during a critical period when Polymarket was working to reorganize its U.S. compliance layout. As early as 2022, Polymarket reached a $1.4 million settlement agreement with the U.S. Commodity Futures Trading Commission (CFTC) over alleged operation of an unregistered derivatives trading platform. It also agreed to shut down markets that did not comply with U.S. derivatives regulations and to fully bar U.S. users from accessing the platform.

However, Polymarket has not given up on the U.S. market. It subsequently splurged $112 million to acquire the derivatives trading venue QCX LLC and the clearinghouse QC Clearing LLC, and returned to the U.S. market through a brand-new compliant entity, “Polymarket US.” The CFTC later approved QCX in July 2025 to become a designated contract market.

Even so, the regulatory cloud has not fully lifted. (Financial Times) noted that the CFTC is currently launching another round of investigations into Polymarket. In response, a CFTC spokesperson said, “We are unable to confirm or deny” the relevant investigative actions.

Even after severing its commercial bank accounts, JPMorgan has not completely cut ties with Polymarket. Reports say that, in addition to retaining its willingness to participate in future IPO underwriting, JPMorgan specifically invited Polymarket’s founder and CEO Shayne Coplan to Miami in February this year, where he gave a speech at a top-tier summit hosted exclusively for high-net-worth private banking clients.

In response, a Polymarket spokesperson told the (Financial Times) that: “We maintain a close and active working relationship with JPMorgan across multiple entity structures, operational system integrations, and the handling of customer funds flows.”

“One hand issues an order to clear out customers, while the other hand grabs IPO underwriting rights! JPMorgan accused of shutting down Polymarket’s bank account.” This article was first published on (Blockcast).