JPMorgan reportedly debanked Polymarket last year over regulatory concerns, an incident which underscores the compliance risks banks face when servicing prediction markets.
Last October, JPMorgan told Polymarket it would need a new bank due to regulatory concerns, according to an August 14 report by the Financial Times. At the time, Polymarket was still barred from servicing U.S. customers under a 2022 U.S. Commodity Futures Trading Commission (CFTC) enforcement action, a restriction later lifted by the Trump administration last year.
