Overview
- JPMorgan told Polymarket to find a new bank in October 2025 and formally stopped providing banking services later that year, according to recent reporting.
- Polymarket shifted its deposits and payments to an unnamed lender after the account closure while keeping operational links to larger financial firms.
- The decision follows Polymarket’s 2022 $1.4 million CFTC settlement that forced a U.S. exit and the platform’s return to the U.S. market in late 2025 after federal rules loosened.
- Despite ending formal banking, JPMorgan maintained other commercial contact with the company, inviting its CEO to a February 2026 client event and expressing interest in underwriting a possible IPO.
- Ongoing state lawsuits and unresolved questions over whether contracts are exchanges or illegal bets are keeping banks cautious and will shape platforms’ fundraising, product rollout, and access to mainstream financial services.