J.P. Morgan Chase terminated Polymarket banking services last year and is still seeking underwriting opportunities for its IPO

Comparing the news, people familiar with the matter said that J.P. Morgan Chase terminated banking services for Polymarket in October last year due to regulatory concerns, requiring the company to find a new banking institution. Previously, Polymarket was banned from providing services to US customers due to enforcement actions taken by the US Commodity Futures Trading Commission in 2022. Currently, Polymarket has partnered with a new bank, but the exact name has not been disclosed. J.P. Morgan still does business with Polymarket and invited its CEO Shayne Coplan to attend a private banking customer conference in Miami in February of this year to speak with former NFL player Tom Brady. Polymarket said that the two parties still maintain a close and active relationship with multiple entities, operational integration, and customer fund flow processing. Since 2026, prediction market platforms such as Polymarket and Kalshi have faced legal action by several US states against them for allegedly operating illegal sports betting, while related platforms consider themselves to be exchanges that match buyers and sellers, not bookmakers. According to user aggregated data, the predicted market nominal trading volume has exceeded $250 billion since 2026. Meanwhile, Polymarket is seeking more than $1 billion in financing, with a target valuation of $20 billion, which is more than double the valuation of approximately $8 billion in the previous round of financing in 2025.