AllPennyStocks.com JPMorgan Ends Banking Relationship With Polymarket
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JPMorgan Ends Banking Relationship With Polymarket

JPMorgan Chase (NYSE: $JPM), the largest U.S. bank, has reportedly ended its banking relationship with prediction market Polymarket. 

The Financial Times was the first to report that JPMorgan stopped providing its banking services to Polymarket late last year.

Last October, JPMorgan Chase told Polymarket it would have to secure a different banking partner amid growing regulatory concerns. 

Polymarket has switched banks, though which lender the prediction market is currently using is not known publicly. 

Polymarket was barred from serving U.S. customers in 2022 after federal regulators hit the platform with a $1.4 million U.S. fine for operating an unregistered trading venue. 

The company returned to the U.S. market late last year as the administration of U.S. President Donald Trump embraced prediction markets and gambling. 

Donald Trump Jr., the president’s son, serves on the advisory board of Polymarket and his venture capital firm, 1789 Capital, is a major financial investor in the prediction market.

JPMorgan has a history of risk aversion when it comes to clients and which individuals and businesses it will provide with banking services. 

The bank famously closed President Trump’s personal and business accounts in February 2021, shortly after the January 6th attack on the U.S. Capitol.

JPM stock has risen 23% over the past 12 months to trade at $363.11 U.S. per share.

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