JPMorgan has terminated their relationship with the online gambling site Polymarket.
JPMorgan Chase terminated its banking relationship with Polymarket last year over regulatory concerns, underscoring escalating worries in the industry over fast-growing prediction platforms.
JPMorgan notified Polymarket that it needed to find a new bank in October, according to people familiar with the matter. Polymarket is now working with a new lender, the identity of which could not be confirmed.
At the time, Polymarket was banned from allowing US customers to use its platform following a 2022 enforcement action by the Commodity Futures Trading Commission for operating an unregistered derivatives trading platform.
The CFTC under the Trump administration allowed New York-based Polymarket to re-enter the US last year, though the agency has an ongoing investigation into the company, the FT reported in June.
Gambling is a great way to launder money, and has been shown with both Polymarket and Kalshi, it is an even better way to engage in insider trading.
Whatever JPMorgan saw, it's worse than what is publicly known.
That ain't good.
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