JPMorgan Chase ended its banking relationship with Polymarket in 2025 because of regulatory concerns, according to a Financial Times report summarized by CoinDesk and Techmeme. CoinDesk, citing the FT, reports that JPMorgan told Polymarket in October 2025 that the prediction-market platform would need to find another banking partner. Polymarket has since moved to another lender, though that institution has not been named in the provided reports. The move did not appear to sever all contact between the companies. Techmeme’s summary of the FT report says JPMorgan still maintained some ties to Polymarket after terminating the banking relationship. CoinDesk reports, again citing the FT, that JPMorgan invited Polymarket CEO Shayne Coplan to speak at a private client conference in February 2026 and remained interested in a possible role underwriting any future initial public offering. The regulatory backdrop matters. CoinDesk notes that Polymarket was barred from serving U.S. users in 2022 after the Commodity Futures Trading Commission reached a $1.4 million settlement with the company over allegations that it operated an unregistered derivatives trading venue. The same report says Polymarket returned to the U.S. market in late 2025 after the Trump administration loosened federal rules. That combination leaves JPMorgan in a narrow position: according to the FT-based accounts, it stepped away from providing banking services while continuing to cultivate other commercial ties. The provided reports do not identify the replacement lender, specify the exact banking services JPMorgan had provided, or say whether regulators directly pressured the bank. CoinDesk said it contacted Polymarket for comment. No response from Polymarket is included in the provided material. Who benefits: JPMorgan may reduce exposure tied to Polymarket’s regulatory profile while preserving optionality around future capital-markets work. Polymarket benefits if its replacement lender keeps its banking operations stable, though that lender has not been identified. Who's exposed: Polymarket remains exposed to the durability of its banking arrangements and to how regulators treat prediction-market activity in the U.S. The undisclosed replacement lender may also be exposed if regulatory scrutiny increases.