OpenAI · Anthropic · BBC Technology
Kalshi to make some users reveal job details to tackle insider trading
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People looking to place certain bets on prediction market operator Kalshi will soon have to reveal where they work in an attempt to stop insider trading, the firm has said.
Key facts
- Kalshi said that in the first quarter of this year, it made more than 20 referrals to law enforcement of possibly illegal trading activity after opening more than 150 of its own investigations
- Former Congressman George Santos is currently being investigated for alleged insider trading on Kalshi, according to NPR
- Prediction markets like Kalshi have grown significantly in popularity over the last few years, particularly in the US where they are regulated as trading, allowing them to operate in all 50 states
- And earlier this year, a US special forces soldier was found to have allegedly made successful bets on the platform regarding the removal operation of Venezuelan President Nicolás Maduro
Summary
The platform, which lets users bet against each other on elections, sporting events, and culture, said Tuesday it will start to collect work information from users attempting to place bets that could benefit from insider information. Kalshi said the rule will apply to "markets with heightened insider or manipulation risk. Prediction markets face growing concerns around insider trading as they continue to surge in popularity. Former Congressman George Santos is currently being investigated for alleged insider trading on Kalshi, according to NPR.