JPMorgan Chase terminated its Polymarket banking services last year but is still pursuing an underwriting opportunity for its IPO.

According to sources familiar with the matter, JPMorgan Chase terminated its banking services to Polymarket last October due to regulatory concerns, requiring the company to find a new banking institution. This followed Polymarket's ban on providing services to U.S. clients following enforcement action by the U.S. Commodity Futures Trading Commission in 2022. Polymarket has now partnered with a new bank, but the specific name has not yet been disclosed. JPMorgan Chase continues to do business with Polymarket and invited its CEO, Shayne Coplan, to a private banking client conference in Miami this February, where he co-speaked with former NFL player Tom Brady. Polymarket stated that the two companies maintain a close and active relationship across multiple entities, operational integration, and client fund flow processing. Since 2026, prediction market platforms such as Polymarket and Kalshi have faced legal action from several U.S. states regarding their alleged involvement in illegal sports betting. These platforms maintain that they are exchanges that connect buyers and sellers, not betting operators. According to user-aggregated data, the nominal trading volume of prediction markets has exceeded $250 billion since 2026. Meanwhile, Polymarket is seeking more than $1 billion in funding, targeting a valuation of $20 billion, more than double its valuation of approximately $8 billion in its last funding round in 2025.