TLDR
- Kalshi has signed a multi-year deal with Nasdaq to adopt its market surveillance platform
- The platform will provide real-time detection of manipulation, insider trading, and market abuse
- Kalshi will use the system for both prediction markets and perpetual-style derivatives
- Nasdaq’s surveillance platform already serves over 50 exchanges and 20 international regulators
- The deal comes after high-profile insider trading cases involving a former congressman and a White House employee
Prediction markets exchange Kalshi has announced a multi-year partnership with Nasdaq to implement Nasdaq’s market surveillance platform across its trading infrastructure.
JUST IN: Kalshi partners with Nasdaq to further strengthen surveillance program. Nasdaq will offer real-time trading alerts and a full surveillance suite for Kalshi available to both customers and regulators. pic.twitter.com/GLvpL94JQZ
— Whale Insider (@WhaleInsider) August 11, 2026
The deal was unveiled on August 10, 2026. It will give Kalshi access to the same surveillance tools used by some of the world’s largest exchanges.
Why Kalshi Made the Move
Kalshi has faced growing pressure from lawmakers and regulators in recent months. High-profile insider trading cases have put the platform under the microscope.
The U.S. Commodity Futures Trading Commission fined former Republican Representative George Santos $35,000 last month over alleged manipulative trading on Kalshi.
A White House teleprompter operator is also under investigation for potential insider trading on the platform. Kalshi had referred suspicious activity in both cases to regulators.
The exchange bans market manipulation and insider trading. It also runs background checks on all users before they can trade.
How the Platform Will Work
Kalshi plans to roll out Nasdaq’s surveillance system in phases. It will sit alongside the exchange’s existing monitoring tools.
The platform is designed for 24/7 operation. It will cover both prediction markets and perpetual-style derivatives as Kalshi expands its product range.
One key function is supporting the delivery of trade data to the CFTC in the format the regulator requires. Kalshi operates as a CFTC-regulated exchange and must meet those reporting standards.
Max Crowley, vice president of business development at Kalshi, said the deal gives its markets the same surveillance data used by the world’s largest exchanges.
Tony Sio, head of regulatory strategy and innovation at Nasdaq, said prediction markets are among the fastest-growing segments in finance and need surveillance infrastructure that can keep pace.
Kalshi has also been growing its internal surveillance team this year. The Nasdaq partnership adds institutional-grade infrastructure on top of that internal build-out.
Nasdaq’s surveillance platform is one of the most widely used in the world. It currently serves more than 50 exchanges and 20 international regulators across global capital markets.
The partnership signals that prediction markets are maturing as an asset class. Institutional adoption has been rising, and this deal reflects the compliance demands that come with that growth.
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