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Kalshi Bans Its First Two Insider Traders
Image courtesy of MrBeast via YouTube // Illustration by Kate Walker
Prediction market Kalshi has announced the first individuals to be banned from its platform for insider trading.
Why It Hits: Prediction markets have been stirring up plenty of controversy lately, with insider trading fears consistently at the top of the list of concerns — especially since anyone can place a bet. While insider betting on these platforms isn’t technically illegal (yet), Kalshi knows that failing to crack down on the practice could undermine the integrity of its platform — ultimately souring people on it.
Behind The Bets: Kalshi wants gamblers to know that they’re officially on notice.
MrBeast video editor Artem Kaptur was banned for two years and fined $5,000 after betting $4,000 on YouTube streaming markets using “material, non-public information he obtained” from Beast Industries.
Controversial California gubernatorial candidate Kyle Langford was also banned for five years and fined $2,000 after wagering $200 on his own candidacy … and then posting about it on social media.
Kalshi also said it reported Kaptur and Langford to the US Commodity Futures Trading Commission, which regulates futures and options trades.
Closing Thoughts: Kalshi aims to wrap up investigations within 12 months when an infraction is identified and says it’s currently pursuing a dozen active cases. Considering the platform has more than 5 million users, that’s a relatively small number. It could be a good sign that people haven’t figured out a way to game the system… yet.
Prediction: Considering all the different types of bets that can be placed on prediction markets, new prediction-market traders on Wall Street may have to walk the strictest compliance tightrope in the history of finance.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.