Why JPMorgan ended its banking relationship with Polymarket | News. az
JPMorgan Chase terminated its banking relationship with prediction market platform Polymarket last year because of regulatory concerns, according to a person familiar with the matter. The bank ended the. . .
JPMorgan Chase terminated its banking relationship with prediction market platform Polymarket last year because of regulatory concerns, according to a person familiar with the matter. The bank ended the relationship in October 2025, the source said, speaking anonymously because the information was confidential,Reutersreported. The revelation comes as prediction markets face growing scrutiny in theUnited States. Platforms such as Polymarket allow users to wager on contracts tied to events ranging from politics and sports to other real-world outcomes. RECOMMENDED STORIESNYC Mayor Zohran Mamdani: Benjamin Netanyahu should be arrested and tried for his crimes -VIDEOMamdani considers Netanyahu arrest ahead of UN tripWhy New York just won a major battle against betting platformsHow Elon Musk’s SpaceX just triggered a Wall Street gold rushThe sector has expanded rapidly since the 2024 US presidential election, drawing increasing attention from regulators and lawmakers at both the state and federal levels. Polymarket, however, disputed the characterization of its relationship with JPMorgan. “We maintain a close, active relationship with JPMorgan across multiple entities, operational integrations, and material handling of customer fund flows,” a Polymarket spokesperson said in an emailed statement. The company also pointed to its chief executive’s appearances at three major JPMorgan events over the past year, saying suggestions that the relationship had been cut fundamentally misrepresented the two companies’ ties. Prediction market supporters argue that the platforms can provide valuable insight into public and market sentiment. Critics, however, compare them to gambling and warn about potential consumer risks. The regulatory pressure on the industry has continued to intensify. New York City Council Speaker Julie Menin this week accused major prediction market companies of using predatory marketing practices that could exploit young traders. New York Attorney General Letitia James also sued Polymarket rival Kalshi last month, alleging that its prediction market operations violate state gambling laws. The dispute over JPMorgan’s relationship with Polymarket highlights the growing tension between the rapid expansion of prediction markets and increasing regulatory scrutiny of the industry. News. AzBy Aysel Mammadzada