Prediction platform Kalshi to collect job details to combat insider trading

Prediction market company Kalshi has announced a series of measures to prevent insider trading following allegations of market manipulation on the platform and rival sites, including a requirement that some users disclose their employment details.

Kalshi, which allows users to bet on future events ranging from sports fixtures to elections and wars, said on Tuesday that it had started collecting job information for markets deemed to be at heightened risk of manipulation to screen out users with non-public knowledge.

Kalshi said its new “market integrity measures” also included a scoring system to determine the risk levels of different markets and a dedicated 24/7 channel for receiving whistleblower reports.

The New York-based firm said it implemented the measures in response to the findings of its Independent Surveillance Audit Committee, launched in February.

“By implementing these new integrity measures, we continue to lead the industry on the issue of market integrity amongst federally regulated prediction markets,” Robert DeNault, Kalshi’s head of enforcement, said in a statement.

The announcement comes after a string of high-profile cases of alleged insider trading on Kalshi and its cryptocurrency-based rival Polymarket.

The United States Department of Justice in April charged a US special forces soldier with betting on the capture of former Venezuelan President Nicolas Maduro on Polymarket before the operation was carried out.

US prosecutors charged a software engineer at Google the following month with exploiting his access to company information to make trades on Polymarket about search engine results.