Page 32 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

compliance team contacted the candidate that same day, and the trader

acknowledged that he knew these trades were improper and violated Kalshi’s

rules, which prohibit trading in a contract over which the trader has direct or

indirect influence over the outcome. Kalshi imposed a $2,246.36 financial

penalty (disgorgement of $246.36 related to the improper trading activity,

plus a $2,000.00 penalty) and a 5-year suspension from direct or indirect

access to the exchange. Based on this fact pattern, the trader potentially

violated Section 6(c)(1) of the Commodity Exchange Act (Act), and

Commission Regulation (Regulation) 180.1(a)(1) and (3) for use of a

manipulative scheme or artifice to defraud, or engaging or attempting to

engage in an act, practice or course of business that operates as a fraud on

any other person.

 In August and September 2025, an individual traded a prediction market

related to a YouTube channel while having an employment relationship or

other formal affiliation with the subject of the contract, through which the

trader likely had access to material non-public information related to his

trades, in violation of exchange rules. Upon investigating the highly

successful trades and the trader responsible, Kalshi discovered that the trader

was an editor for a YouTube channel who likely had advanced knowledge of

the contents of the channel’s videos prior to the time they were publicly

posted. Kalshi concluded there was reasonable belief that the trades were

based on material non-public information misappropriated in violation of a

pre-existing duty and imposed a $20,397.58 financial penalty (disgorgement

of $5,397.58 in profits from the illicit trading, plus a $15,000.00 penalty) and

a 2-year suspension from direct or indirect access to the exchange. Based on

this fact pattern, the trader potentially violated prohibitions on

misappropriation of confidential information in breach of a pre-existing duty

of trust and confidence to the source of the information (commonly known as

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