Kalshi's restricted list hits 55 and counting — India just became the latest "no" 🛑

Prediction market Kalshi has added India to its list of restricted jurisdictions, according to a members' agreement document updated on Wednesday, bringing the total number of blocked regions to 55. India's Ministry of Electronics and Information Technology warned virtual private network (VPN) providers in April to stop facilitating access to "illegal and blocked online betting and prediction market platforms."

The move is part of a wider regulatory squeeze on prediction platforms. In May, Spanish authorities blocked access to Polymarket and Kalshi over local gambling laws, and Indonesia blocked Polymarket after it listed contracts on whether President Prabowo Subianto would leave office before the end of his term. Singapore, Poland, Portugal, Hungary, Ukraine and Brazil have also moved to block or prohibit Kalshi and Polymarket.

Political and sports-related contracts have drawn particular scrutiny. In January, US lawmakers proposed legislation to restrict political prediction market trading by government officials after a Polymarket user netted more than $400,000 on a contract related to the removal of then-Venezuelan President Nicolás Maduro, raising insider trading concerns. Kentucky was the latest US state to sue five prediction market platforms, including Kalshi and Polymarket, accusing them of "operating unlicensed and illegal sports betting and gambling platforms," as Cointelegraph reported on Thursday.

Trading activity on the two largest platforms remains substantial. Kalshi and Polymarket posted $3.7 billion and $3.2 billion in weekly trading volume, respectively, according to Defirate data. Sports betting was the largest category on both, accounting for $328 million in daily volume for Kalshi and $196 million for Polymarket.

Kalshi is also in early-stage talks with investment banks about a potential initial public offering, according to a separate report. The company did not immediately respond to requests for comment on the updated members' agreement.