Kalshi, one of the largest prediction market platforms, is taking action to ban insider trading.
The platform is now expanding its market surveillance and enforcement framework, enlisting the aid of several high-tier executives in the field, and implementing active surveillance measures to deal with this issue.
The firm is bringing Daniel Taylor, from the Wharton Forensic Analytics Lab, to follow intricate insider trading cases, and former Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson to advise on compliance and integrity issues.
In addition, the company is strengthening its active surveillance system, called Poirot, with the aid of Solidus Labs “to augment its in-house systems and provide institutional-grade protection against sophisticated manipulation across its 4,000+ markets.”
Taking a shot at rival company Polymarket’s founder and CEO, Shayne Coplan, who assessed that there were “a lot of benefits” derived from the action of insider traders in prediction markets, Kalshi CEO Tarek Mansour stated:
Some say insider information can make prediction markets more accurate. But the same argument can be made for stock markets, where insider trading is banned.
Kalshi’s actions come just days before the Super Bowl, one of the largest sports events in the U.S., bringing high engagement to these sites.
In fact, users trying to predict the game’s outcome have already spent over $169 million in just one bet. Accessory bets, including the song to open the halftime show, have also garnered significant engagement.
Kalshi has also been recently under fire for labeling a report that found users were losing more money on prediction markets than on gambling sites as “an extortion.” Later, the company withdrew these accusations, explaining that “after further review, we don’t believe the intention was extortion.”
Read more: Kalshi, Polymarket and Crypto.com Receive Cease-and-Desist Letters From Tennessee Regulators
What steps is Kalshi taking to combat insider trading?
Kalshi is enhancing its market surveillance by enlisting experts and implementing active surveillance measures to prevent insider trading.Who are the key figures involved in Kalshi’s new compliance efforts?
Daniel Taylor from the Wharton Forensic Analytics Lab and former Treasury Under Secretary Brian Nelson are joining to assist with compliance and integrity.What technology is Kalshi using to bolster its surveillance?
The company is strengthening its surveillance system, called Poirot, with support from Solidus Labs to protect against market manipulation.How has Kalshi responded to criticisms regarding its stance on insider trading?
Kalshi’s CEO, Tarek Mansour, argued that banning insider trading aligns with maintaining market integrity, especially ahead of high-stakes events like the Super Bowl.
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