2 weeks ago
JPMorgan Chase debanks Polymarket over regulatory concerns: FT report
Big banks are like homes for your money.
A big bank called JPMorgan Chase used to be the bank for a company called Polymarket, which runs a website where people can make predictions about future events.
A newspaper called the Financial Times says JPMorgan told Polymarket last October to find a different bank.
The newspaper says this happened because the bank was worried about rules and regulations.
Now Polymarket has a new bank, but we don't know which one.
JPMorgan still works with Polymarket in other ways, so it may help the company in the future if it wants to sell shares to the public.
Polymarket says the story isn't true and that it still has a close, active relationship with JPMorgan.
JPMorgan chose not to comment.
So the two sides are telling different stories about what happened.
It's a little like a disagreement between two friends over whether they are still friends.
JPMorgan Chase terminated its banking relationship with prediction-market platform Polymarket last year, according to the Financial Times.
The Financial Times reported, citing unidentified people, that JPMorgan notified Polymarket in October that it needed to find a new bank.
Polymarket is now working with a new lender, which the FT did not identify.
JPMorgan reportedly retains other ties to Polymarket, leaving the door open for a possible underwriting role should Polymarket attempt to go public.
A Polymarket spokesperson disputed the report, saying the platform maintains a close, active relationship with JPMorgan, while JPMorgan declined to comment.
- Who
- JPMorgan Chase & Co. and Polymarket, the prediction-market platform, with the Financial Times reporting the story.
- What
- JPMorgan Chase terminated its banking relationship with Polymarket over regulatory concerns, according to the Financial Times.
- Where
- Not specified in the articles.
- When
- Last year; JPMorgan reportedly notified Polymarket in October.
- Why
- Regulatory concerns, according to the Financial Times, which cited unidentified people.
Financial Times report
Polymarket spokesperson
Status of the banking relationship
Financial Times report
JPMorgan terminated its banking relationship with Polymarket last year over regulatory concerns and told the platform in October to find a new bank.
Polymarket spokesperson
Polymarket says it maintains a close, active relationship with JPMorgan across multiple entities and that any suggestion otherwise fundamentally mischaracterizes the relationship.
Key facts
- Bank
- JPMorgan Chase & Co.
- Platform affected
- Polymarket (prediction-market platform)
- Action
- Banking relationship terminated
- Reason (per FT)
- Regulatory concerns
- Notification timing
- October, last year
- Report source
- Financial Times, citing unidentified people
- New lender
- Not identified
- JPMorgan response
- Declined to comment
Quotes
Polymarket spokesperson
Official representative of Polymarket
“We maintain a close, active relationship with JPMorgan across multiple entities, operational integrations, and material handling customer fund flows. Any suggestion otherwise fundamentally mischaracterizes our relationship.”
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