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first_img Kalshi's U.S. traffic surged by 1520% in a year, with monthly trading volume reaching 40 billion USD

According to Cointelegraph, the U.S. website traffic for the prediction market platform Kalshi has increased by over 1500% in the past year. Data from Similarweb shows that in July, traffic from the U.S. reached 15.4 million visits, a growth of about 1520% compared to less than 1 million visits in August 2025, with U.S. traffic accounting for nearly 80% of its total traffic. Meanwhile, Kalshi's nominal monthly trading volume in August reached approximately $40 billion, a growth of about 4500% compared to $874 million a year ago.The nominal monthly trading volume for the entire prediction market industry increased from about $2 billion to $50.7 billion during the same period, with Kalshi accounting for nearly 79%. According to Barron's, sports contracts accounted for 83% of Kalshi's trading volume in July. Kalshi is currently facing increasing legal challenges, with New Jersey having submitted the dispute to the U.S. Supreme Court, and Michigan authorities continuing to seek to block its operations.In terms of restricted jurisdictions, Canada brought about 450,000 visits to the Kalshi website in July, a significant increase from about 50,000 in August 2025; traffic from the UK also rose from 31,000 to 296,000. Although both countries are regions where Kalshi's membership agreement prohibits direct access or trading, Kalshi partnered with Canadian financial services company Wealthsimple in June to provide access to nearly 4,000 eligible contracts through a standalone application.

Thailand's SEC seeks public opinion on the draft rules for Bitcoin and Ethereum ETFs

According to Cointelegraph, the Securities and Exchange Commission (SEC) of Thailand has advanced its regulatory framework for locally listed spot Bitcoin and Ethereum ETFs from a principled proposal to the rule draft stage and is publicly soliciting opinions on this. The regulatory agency released two consultation documents on Monday, one containing the rule draft for Thailand's crypto ETFs, and the other proposing qualification principles for foreign digital asset custodians.In the initial phase, asset management companies can establish passive ETFs that track Bitcoin or Ethereum, which are the only qualified crypto assets. According to the proposed rules, Bitcoin and Ethereum ETFs will only trade on the Stock Exchange of Thailand (SET), with each ETF tracking a single crypto asset and required to maintain at least 80% net asset exposure to that asset within each accounting year. Mutual funds and private funds can also invest in Thailand's local crypto ETFs, as well as the foreign crypto ETFs they are permitted to invest in, but must comply with existing investment limits. However, in the initial phase, the regulatory agency does not allow alternative products linked to foreign crypto ETFs, including depositary receipts that track them.Regarding custody, the revised plan still primarily relies on domestic digital asset custodians as the main service providers in the initial phase, and the Thai SEC may allow the use of qualified foreign digital asset custodians when necessary. Foreign custodians must be supervised by a regulatory agency with legal authority and meet the regulatory and investor asset protection standards deemed sufficient by the Thai SEC. The deadline for public opinion collection on the two consultation documents is September 20.

hot_img The Shanghai court in China analyzes the criminal responsibility determination in cases of "traffic diversion" fraud involving virtual currency, which may constitute complicity in fraud or illegal use of information networks

The Shanghai Intermediate People's Court has published typical cases, analyzing whether "traffic personnel" involved in telecommunications network fraud related to virtual currencies constitute accomplices in fraud. From February 2022 to April 2023, the defendants, for the purpose of profit, assisted upstream fraudulent activities by "draining traffic," using online virtual phone software to lure victims into related scam groups, ultimately causing 30 victims to be defrauded of more than 2.34 million yuan (the same currency hereafter) by an overseas fraudulent organization. The overseas fraudulent organization transferred funds into the suspects' trading accounts via virtual currency.The Shanghai First Intermediate People's Court pointed out that in telecommunications network fraud cases, "traffic personnel" may constitute accomplices in fraud or illegal use of information networks depending on specific circumstances. The key lies in determining whether they have formed a clear criminal intent connection with the upstream fraudulent organization and whether there is stable cooperation and division of labor. In judicial practice, when assessing the criminal responsibility of "traffic personnel," factors such as their role in the criminal chain, the degree of organizational management, connections with upstream criminals, methods of profit, and abnormal behavior should be comprehensively considered. Actions that only provide general online services and do not form a conspiracy to commit fraud should be distinguished from "draining" actions that knowingly participate in the implementation of fraud.
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