Crypto

Kalshi Faces Scrutiny Over Unusual Trading Patterns

Guavy AI Editorial Team Published September 23, 2026

Instruments

BTC

Kalshi is facing scrutiny over unusual trading patterns on its platform, with reports suggesting that the Commodity Futures Trading Commission (CFTC) may be reviewing the company's activity.

The CFTC has not contacted Kalshi directly, but the company sends daily trading data to the regulator as part of routine submissions. Spokesperson Elisabeth Diana stated that such reviews are common and do not necessarily indicate a formal investigation.

Reports focused on repeated trade sizes across Bitcoin and Ether perpetual markets, with researcher Beni pointing out $5,500 Ether trades making up a large share of notional volume on several September days.

Kalshi attributes these patterns to its liquidity incentive program, which rewards participants for placing orders that help other customers buy or sell contracts. The company also uses surveillance tools and a dedicated team to detect self-trading and wash trading.

Kalshi Faces Scrutiny Over Unusual Trading Patterns

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