Kalshi has flagged more than 400 suspicious trades since the start of this year, more than double the number it investigated in all of 2025, according to a Reuters report citing sources familiar with the matter.

Some of those trades have been referred to the Commodity Futures Trading Commission, one source said. The surge in flagged activity arrives as Kalshi’s annualized trading volume has tripled in six months to $178 billion.

Polymarket has seen a similar uptick in flagged trades this year, a separate source told the agency. Its monthly notional volume hit roughly $10.3 billion in April, up from $3.8 billion in the same month last year, according to Dune Analytics data.

Oil Bets Landed Just Before Iran Announcement

Reuters reported that recent well-timed bets on falling oil prices preceded a major Iran-policy announcement from the Trump administration, without naming the platform or specifying the contracts.

Catching bad actors can be difficult. Former SEC commissioner Joseph Grundfest told Reuters that corporate insiders are a registered list of executives, while prediction market traders are effectively anonymous.

A U.S. Army soldier was charged last month with using confidential information to win $400,000 on a Polymarket contract tied to the removal of ousted Venezuelan President Nicolas Maduro.

Kalshi banned three U.S. congressional candidates in April for “political insider trading,” including a Virginia Senate candidate banned for betting on himself.

Both platforms recently updated their rules to bar bets made with confidential information, and have moved to block federal employees from trading on political campaigns they work for.

What It Means For ICE And Robinhood

Intercontinental Exchange (NYSE:ICE), the parent of the New York Stock Exchange, has the cleanest public exposure to the story. ICE completed a $1.64 billion investment in Polymarket in March and is the platform’s global data distributor.

Robinhood Markets (NASDAQ:HOOD) routes Kalshi contracts inside its app and remains the most direct public proxy for the platform’s growth.

Coinbase Global (NASDAQ:COIN) has integrated Kalshi contracts as part of CEO Brian Armstrong‘s “everything exchange” pitch.

Energy traders watching the Iran angle may also be eyeing Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX), the usual destinations when Hormuz risk premium moves.

Kalshi closed a $1 billion round at a $22 billion valuation last month, a more than tenfold surge in less than a year. Polymarket is reportedly in talks to raise at a $15 billion valuation.

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