Kalshi to publish insider trading actions

Kalshi is preparing to publish a series of disciplinary actions against users after clearing a backlog of suspicious trading activity, as it seeks to strengthen safeguards against insider trading and market manipulation.

Robert DeNault, Kalshi’s head of enforcement and a former associate at White & Case, said he has spent months reviewing potential violations and that enforcement notices will begin appearing in the coming weeks.

“It’s taken a big chunk of my first few months here to get through these,”

DeNault said, adding that the company will continue posting actions publicly as part of its transparency push.

The effort follows scrutiny of prediction markets after high-profile payouts on rival Polymarket fuelled concerns over insider trading, prompting legislative proposals from lawmakers including Representative Ritchie Torres.

DeNault said Kalshi is professionalising its disciplinary framework to resemble established exchanges such as the New York Stock Exchange and Nasdaq, with particular focus on “source agency” trading where affiliated individuals are barred from participating in related contracts.

Kalshi has generated roughly $42.7 billion in cumulative trading volume, according to Dune data, with $6.8 billion traded this month, activity that DeNault said depends on participants believing they are getting a “fair shake.”

Chief executive Tarek Mansour has said the platform’s surveillance system, Poirot, has conducted more than 200 investigations and referred several cases to law enforcement, underscoring efforts to reinforce market integrity amid a broader regulatory debate.