JPMorgan Chase (JPMC) debanked the cryptocurrency-based prediction market Polymarket in 2025 due to regulatory concerns, according to the Financial Times.

Citing people familiar with the matter, the paper reported that JPMC told Polymarket to find a new lender in October 2025, amid a three-year ban on US customers accessing the betting platform.

The FT added that Polymarket has since found a new, undisclosed bank with which it does business and that JPMC continues to foster ties with the firm to keep the door open to underwriting a potential Polymarket IPO.

In a statement to FST, a Polymarket spokesperson said: "We maintain a close, active relationship with JPMorgan across multiple entities, operational integrations, and material handling customer fund flows; the strength of our relationship is highlighted by our CEO speaking at three of their flagship events in the past year alone.

"Any suggestion otherwise fundamentally mischaracterizes our relationship."

Though approved in the US by the Trump administration, Polymarket remains under regulatory scrutiny. In June, the Wall Street Journal reported that the Commodity Futures Trading Commission is investigating the firm over its marketing practices and earlier this week, New York City Council announced an investigation into Polymarket for “potentially false, deceptive, or abusive marketing tactics”.

Council speaker Julie Menin said: “Prediction markets aggressively entice consumers to bet and wager on sports, politics, culture, weather, and pretty much anything. We refuse to let New Yorkers, especially our young people, become collateral damage.

“As a regulatory attorney and the former Commissioner of Consumer Affairs, I take consumer protection extremely seriously. I intend to harness the full power of the Council to protect New Yorkers from deceptive and predatory marketing practices by prediction market platforms.”

At the start of August, Bloomberg reported that Polymarket is seeking to raise $1 billion in its latest funding round at a valuation of $20 billion. While this is far higher than its the $15 billion it was valued at in April, it puts the firm in the same league as its prediction market rival Kalshi which raised $1 billion at a $22 billion valuation in May.

The US president Donald Trump is currently suing JPMC for $5 billion, having alleged he was debanked in 2021 for political reasons. Jamie Dimon, chief executive at JPMC, has said the lawsuit “has no merit” and in March told CNBC that JPMC often debanks clients over regulatory concerns.

Nigel Farage also made headlines in 2023 with a complaint of allegedly unfair debanking, levelled against NatWest’s private banking arm Coutts, which ended in March 2025 after both parties reached a confidential settlement.

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