Kalshi, Polymarket roll out new insider trading bans

Prediction markets Kalshi and Polymarket are rolling out new insider trading bans, the companies said Monday.

Kalshi in its announcement said that it was “launching new technological guardrails that preemptively block politicians, athletes, and other relevant people from trading in certain politics and sports markets.”

Kalshi said that it had implemented tools with a goal of restricting political candidates before they attempt to use the platform “to trade on their own campaigns.”

The company said it had just cracked down on a candidate who had done so. It also said it was putting in place a restriction for college and professional sports participants.

“The guardrails we built use state-of-the-art technology and screening lists, but no screening system is perfect, and motivated bad actors consistently try to find a way,” Kalshi said in its announcement

“To that end, we are also adding a whistleblower functionality straight in our market page, which makes it easier for our community to flag potential violations as they go through our public trading data.”

In its own announcement, Polymarket said it had unveiled “updated market integrity rules” that “clarify three core categories of prohibited insider trading conduct,” which include “trading on stolen confidential information,” “trading on illegal tips” and “trading by those who can influence the outcome.”

Rep. Alexandria Ocasio-Cortez (D-N.Y.) responded to Kalshi’s announcement, saying it was “absolutely not enough.”

“Just on the policy piece alone, there are SO many individuals – staff, advisors, consultants, cabinet secretaries, spouses, and more – that can trade on insider information,” she added in a Monday post on the social platform X. “This is just a fig leaf to deflect from criticism. We need to do more.”

On Monday, Sens. Adam Schiff (D-Calif.) and John Curtis (R-Utah) introduced a bill that would stop prediction markets from listing sports bets or casino-style games on their platforms.

“Sports prediction contracts are sports bets — just with a different name,” Schiff said in a statement. “And yet, these contracts have been offered in all fifty states in clear violation of state and federal law.”

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