The high-risk trading scandal last year triggered £3.9 billion of losses and sent shock waves through global financial markets.
JP Morgan was handed a £137m fine by the the UK's Financial Conduct Authority (FCA) and penalties totalling £435m by three American regulators, including the US Federal Reserve.
The FCA said JP Morgan's "extremely serious failings" undermined confidence in UK markets.
Regulators said the bank had admitted wrongdoing for the scandal, which originated in its London office.
It saw traders bet huge sums on complex financial instruments and cover up losses when trades went wrong.
Trader Bruno Iksil, who was dubbed the London Whale because of the size of his trades, has agreed to testify against his colleagues and is reported to have been granted immunity by American prosecutors.