BlockBeats News, August 14th, according to the Financial Times report, JPMorgan Chase terminated its banking relationship with the prediction market platform Polymarket last October due to regulatory concerns, but has not completely severed ties with the company and is currently seeking the underwriting opportunity for Polymarket's future IPO.

Sources revealed that at that time, Polymarket was banned from providing services to U.S. customers due to a 2022 enforcement action by the U.S. Commodity Futures Trading Commission (CFTC), prompting JPMorgan Chase to ask it to find a new banking institution. Polymarket has now partnered with a new bank, but the specific name has not been disclosed.

Nevertheless, JPMorgan Chase continues to maintain business dealings with Polymarket. In February of this year, the bank also invited Polymarket CEO Shayne Coplan to attend a private banking client meeting held in Miami, where he delivered a speech alongside former NFL star Tom Brady. Sources said JPMorgan Chase hopes to retain the possibility of providing underwriting services for Polymarket's IPO in the future.

Polymarket stated that the company still maintains a "close, active relationship" with JPMorgan Chase in various aspects such as entities, operational integration, and customer fund processing, and any statements to the contrary seriously misconstrue the relationship between the two parties.

In recent years, prediction markets have rapidly expanded and continued to attract regulatory attention. Since 2026, platforms such as Polymarket and Kalshi have faced legal actions in several U.S. states for allegedly operating illegal sports betting, while both companies believe they operate as exchanges matching buyers and sellers, not as gambling operators.

According to Dune Analytics, nominal trading volume in prediction markets has exceeded $250 billion since 2026. Meanwhile, Polymarket is seeking financing of over $1 billion, aiming for a valuation of $20 billion, more than doubling from the previous valuation of around $8 billion in 2025's previous funding round.