finance
White House Warns Staff Against Insider Trading on Prediction Markets Amid Iran Conflict Bets
The White House issued a memo on March 24 warning staff against using nonpublic information for bets on prediction markets, following suspicious trades timed to announcements on the U.S.-Israel conflict in Iran. The memo referenced concerns over wagers on oil futures and platforms like Kalshi and Polymarket. No evidence has publicly linked White House officials to the trades.
Apr 9, 10:32 PM·1m read3 sources
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trades occurred before an announcement on the U.S.-Israel conflict in Iran.
Trades occurred on oil futures markets around the same time. A report indicated that accounts collected winnings by betting correctly on the timing of the ceasefire with Iran.
markets have grown in popularity, with users placing wagers on events including conflicts.
The platforms allow bets on outcomes such as geopolitical developments. The memo cited reports raising concerns about government officials using nonpublic information to place wagers, though no public evidence links White House officials to the suspicious trades. The warning came one day after the pause announcement.
Democrats have questioned whether administration insiders used advance knowledge for profit, but the White House denied any such activity.
The incident highlights ongoing scrutiny of financial activities by government employees during sensitive periods.
Federal regulations prohibit insider trading by officials across administrations. No investigations or charges have been announced in connection with these trades as of the latest reports.
