Kalshi Ups the Ante on Player Protections as Senators Eye New Bill

Kalshi announced that it is voluntarily implementing several measures outlined in a new player protections and marketing integrity bill. This comes amid continued criticism of the prediction markets sector.

Kalshi Implements New Measures Based on Bipartisan Bill

Kalshi said that its new measures come in response to a bipartisan bill introduced by Senators Gillibrand and McCormick. The company emphasized that it decided to proactively implement the measures outlined in the bill and even go beyond that.

According to the prediction markets company’s official release, its newly introduced measures fall into two categories: mitigating the risk of underage trading and enhancing responsible risk-takers for adult users.

In addition to that, the company announced the publication of a comprehensive Policy Center portal where users can familiarize themselves with the new features.

Face Verification Will Prevent Minors from Trading

Kalshi emphasized that minors are prohibited from trading on its platform. However, they are allowed to use it to watch data and “build a critical lens of the news.”

While Kalshi has been using various KYC solutions to prevent minors from participating, it acknowledged that there have been workarounds, such as minors using a family member’s ID.

As a result, Kalshi is now introducing Face ID verification to prevent minors from accessing their parents’ accounts. “Higher-risk” individuals will be requested to submit selfies.

In addition to that, Kalshi is now promoting its existing two-factor authentication feature. The company has complemented this with the launch of a new feature that allows users to see if someone else is logging in under their ID. This will prevent minors from participating and will also ensure that bad actors don’t abuse someone else’s account.

Kalshi Introduces Inner Circle to Protect Players

In the meantime, Kalshi emphasized that it already offers various player protections, such as self-limits or even self-exclusion. However, the company has decided to go further and reinforce its integrity measures.

For starters, the company introduced a social feature called Inner Circle. The feature allows players to give their loved ones access to their trading activity, providing them with real-time alerts.

Additionally, traders will receive deposit limit recommendations based on their activity. Kalshi said that it will look for unhealthy trading flags and proactively intervene to shield participants from overspending.

While Kalshi was proud about the opportunity to protect its players from harm, it added that it remains committed to reinforcing its player protection measures in the future based on emerging insights.