Kalshi names Jeff Bandman CEO of Kalshi Prime, its CFTC-registered FCM
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- #24
- Sources
- 2
- Claims verified
- 5 of 5
What happened
Kalshi announced on August 12, 2026 that Jeff Bandman had been appointed CEO of Kalshi Prime, the company's CFTC-registered futures commission merchant (FCM). Kalshi said Kalshi Prime serves customers of its margined perpetual futures business and launched in June 2026 to support margin-backed perpetual futures. Kalshi said its goal was to build the FCM of the future, combining risk management and customer service with hedging tools for retail and institutional customers. Traders Magazine also reported the appointment, in its On the Move column, and gave no start date.
Kalshi said Bandman led its regulatory strategy from its earliest days and helped secure its 2020 designation as a CFTC-regulated exchange, with trading launching in 2021. He was previously a senior CFTC official who led the Division of Clearing and Risk and the Office of International Affairs, and most recently was COO and General Counsel of 6529 Holdings and 6529 Capital. Kalshi called perpetual futures its most significant product expansion since event contracts and said offshore perpetuals grew from under $1 trillion in annual volume in 2018 to over $90 trillion in 2025. Co-founder and CEO Tarek Mansour said Bandman believed in Kalshi when most people thought it could never be regulated.
Key points
- Kalshi announced on August 12, 2026 that Jeff Bandman was appointed CEO of Kalshi Prime, its CFTC-registered futures commission merchant.12
- Kalshi Prime launched in June 2026 and serves customers of Kalshi's margined perpetual futures business.12
- Bandman led Kalshi's early regulatory strategy and helped secure its 2020 CFTC designation as a regulated exchange.12
- He was most recently COO and General Counsel of 6529 Holdings and 6529 Capital, and earlier a senior CFTC official.12
Why it matters
Bandman now leads the entity that serves customers of the perpetual futures business, which Kalshi calls its most significant product expansion since event contracts.
Kalshi puts a former CFTC division head, who also led its early regulatory strategy, in charge of a CFTC-registered entity. The sources present regulatory standing as central to this business line.
Neither source gives compensation, a start date or any financial effect, so the hire adds to the picture of leadership and regulatory exposure rather than to any figure.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series C | Jun 25, 2025 | $2.0B | $185M | Paradigm |
| Series D | Oct 10, 2025 | $5.0B | $300M | Andreessen Horowitz and Sequoia Capital |
| Series E | Dec 2, 2025 | $11B | $1.0B | Paradigm |
| Series F | May 7, 2026 | $22B | $1.0B | Coatue |
| Series F extension | May 20, 2026 | $22B | $200M | Unknown |
Updated
Fact-check
- Kalshi announced on August 12, 2026 that Jeff Bandman was appointed CEO of Kalshi Prime, its CFTC-registered FCM.Confirmed by [1] Kalshi News: the post, dated August 12, 2026, announces the appointment; [2] Traders Magazine, dated August 17, 2026, reports the same appointment.Verified
- Kalshi Prime launched in June 2026 and serves customers of Kalshi's margined perpetual futures business.Confirmed by [1] Kalshi News, which states the June 2026 launch; [2] Traders Magazine also says it serves the margined perpetual futures customers.Verified
- Bandman helped secure Kalshi's 2020 CFTC designation as a regulated exchange, with trading launching in 2021.Confirmed by [1] Kalshi News for both the 2020 designation and the 2021 launch; [2] Traders Magazine repeats the 2020 designation.Verified
- Bandman led the CFTC's Division of Clearing and Risk and Office of International Affairs, and was most recently COO and General Counsel of 6529 Holdings and 6529 Capital.Confirmed by [1] Kalshi News and [2] Traders Magazine, which both give these roles.Verified
- Offshore perpetuals grew from under $1 trillion in annual volume in 2018 to over $90 trillion in 2025.Confirmed by [1] Kalshi News as Kalshi's own statement; no independent source was read for these volumes.Verified
Sources
- [1]Kalshi News (opens in a new tab)Jeff Bandman returns to Kalshi as CEO of Kalshi PrimeJeff believed in Kalshi when most people thought it could never be regulated
- [2]Traders Magazine (opens in a new tab)ON THE MOVE: Jeff Bandman Returns to Kalshi; Finalis Adds Steven Price
