Kalshi adds risk scoring, employment checks, whistleblower tools

Kalshi announced three market integrity measures that take effect immediately following the first report from its independent Surveillance Audit Committee.

Every proposed market will receive a pre-listing risk score that weighs six factors: corporate KPI risk, outcome concentration, market importance, regulatory fit, non-traditional insider risk and national security risk. The score will determine whether extra safeguards are required before a market goes live.

Markets flagged as high risk for insider trading or manipulation will require traders to provide employment information. The requirement is intended to help the platform identify presumptive insiders and block trades before execution. Kalshi reported its screening tools blocked more than 100 potential insider trades in the first quarter.

Whistleblower reporting tools have been added to every market page and route tips directly to Kalshi’s surveillance team, which monitors the feed around the clock. Tips will be routed to compliance staff to speed detection and escalation of suspicious activity.

The company disclosed first-quarter enforcement figures: more than 150 investigations, over 20 referrals to law enforcement and five disciplinary actions. Kalshi linked those figures and the committee’s initial review to the immediate rollout of the three measures.

The independent Surveillance Audit Committee will publish quarterly reports; the next review will evaluate whether the new measures reduce insider trading. The tools are active immediately for all new listings and for existing markets re-evaluated as high risk.

Trading volumes have risen and some geopolitical markets have shown patterns platforms view as suspicious. A rival market has partnered with a blockchain analytics firm to monitor activity, and platforms across the sector have tightened rules and screening procedures in response.