JPMorgan cut Polymarket's banking ties, wants its IPO

A bank can refuse your business and still want your business. JPMorgan ended its banking relationship with Polymarket in October 2025, citing regulatory concerns, the Financial Times reported this week. Polymarket is the platform where people bet real money on real-world events, like elections. Even after cutting the company off, JPMorgan kept the door open. It still wants a role if Polymarket ever goes public.

This isn't new news. It's newly revealed news. The severance happened almost a year ago. The Financial Times is the one who found out and reported it this week, along with JPMorgan's ongoing IPO interest. Polymarket has not announced any plans to go public. Banks often keep advising a client whose core business they won't directly bank. That's especially true in crypto and betting markets, where the legal rules keep shifting. JPMorgan wants the advisory fees. It just doesn't want the compliance risk of holding Polymarket's deposits.

Keep reading — what to watch

Will Polymarket actually go public? Nothing is filed yet, and there's no announced timeline. JPMorgan is just hoping to get a piece if it happens. Watch whether other big banks do the same thing. They may publicly distance from prediction markets while still angling for the same future IPO fees.