"The company said the unnamed video editor violated its insider trading rules by wagering about $4,000 on YouTube streaming markets. The editor received a two-year ban and a financial penalty of five times the size of his initial trade. He "likely had access to material non-public information connected to his trading," the company said."
"Kalshi also said it banned a California politician who wagered $200 on his own gubernatorial candidacy, "and then posted about it on social media," for five years. The candidate, who is now running for Congress, was also fined about 10 times his initial trade size, Kalshi said."
"These enforcement actions don't carry criminal penalties. They're carried out according to the procedures in Kalshi's rulebook, which says that Kalshi compliance officials aim to wrap up their investigations in 12 months and lays out a hearing procedure that can take months to resolve."
Kalshi announced its first public enforcement actions against two users for rule violations. A video editor was banned for two years and fined five times his $4,000 trade for likely possessing material non-public information about YouTube streaming markets. A California politician was banned for five years and fined approximately ten times his $200 wager for betting on his own gubernatorial candidacy and promoting it on social media. These enforcement actions follow internal compliance procedures and do not carry criminal penalties. Kalshi recently appointed lawyer Robert DeNault to lead enforcement efforts. Unlike traditional financial exchanges, Kalshi's membership consists primarily of ordinary people rather than finance professionals.
Read at Business Insider
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