Bitcoin News
By Dan Saada
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Polymarket's $15 Billion Valuation and the Debanking Fight. Polymarket's valuation hit $15 billion after a major funding round in April, led by…
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DOJ Subpoenas JPMorgan and Other Banks. In June, the U.S. Department of Justice issued subpoenas to JPMorgan and several other banks.
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What Comes Next for Polymarket. Polymarket is still looking for capital. The company is in discussions to secure additional…
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JPMorgan cut ties with Polymarket in October. The reason, per the bank, was regulatory — Polymarket had been operating without proper registration under the Commodity Futures…
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But here's where it gets complicated. Polymarket says the relationship with JPMorgan didn't fully end.
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The broader debanking debate has been building for a while. It's not just a crypto problem. Oil and gas companies, coal mining firms, and firearms businesses have all run into…
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Former President Trump himself accused JPMorgan of debanking him and went after the bank for substantial damages.
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The inquiry is led by Jeanine Pirro, the U.S. Attorney for the District of Columbia. Banks named in the subpoenas are required to hand over information related to how they handle…
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And it's not just the DOJ watching. The Office of the Comptroller of the Currency put out a preliminary report in December that named nine U.S.
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More context: Baltimore Sues Kalshi and Polymarket Over Illegal Sports Betting, Dragging Robinhood and Coinbase Into the
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The OCC findings basically forced the conversation into the open. Banks can't easily dismiss the criticism as fringe anymore.
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Polymarket is still looking for capital. The company is in discussions to secure additional funding, though no specific timeline or deal terms have been made public.
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What's interesting is that JPMorgan keeps coming up in the IPO conversation despite having severed the banking relationship.
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The debanking issue keeps pulling in more industries, more regulators, and now federal prosecutors.
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Polymarket's situation is kind of a case study in how regulatory compliance and business strategy collide. The CFTC issue triggered the banking cut.
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