Apple has updated its insider trading policy to prohibit employees and contractors from using confidential information to trade on prediction markets.
The restrictions were outlined in the company’s latest Form 10-K filing with the US Securities and Exchange Commission (SEC). They apply to event contracts involving confidential information obtained through employment, including information about Apple’s suppliers, manufacturers, vendors, customers and business partners.
Employees are also prohibited from sharing privileged information with third parties who could use it to trade on prediction market platforms.
Former Google employee faces insider trading allegations
Apple’s updated policy comes amid growing concerns about the misuse of privileged information in prediction markets.
In June 2026, US authorities accused former Google software engineer Michele Spagnuolo of using confidential information to generate more than $1.2 million in alleged profits through Polymarket. According to the complaint, Spagnuolo traded under the pseudonym AlphaRaccoon using advance knowledge of Google’s annual Year in Search 2025 report.
The US Department of Justice brought charges involving the Commodity Exchange Act, wire fraud and money laundering. Also, the Commodity Futures Trading Commission (CFTC) initiated civil proceedings seeking financial penalties and recovery of alleged gains.
Several prediction market operators, including Kalshi, Polymarket and Robinhood, have introduced extra measures to detect suspicious activity.
Prediction market volumes reach $120.73bn in October
The restrictions come as prediction market activity expands in the United States. According to DeFi Rate, trading volume across eight exchanges reached $120.73 billion in October 2026, representing a 64.1% increase from September’s $73.58 billion.
Kalshi accounted for $98.15 billion, while Polymarket US recorded $14.77 billion. Investment in the sector has also increased. Kalshi announced a $1 billion funding round at a $40 billion valuation on 29 October, while Polymarket reportedly raised $1 billion at a $21 billion valuation in September.
Meanwhile, over 20 US states are involved in legal proceedings concerning prediction market operators. The disputes centre on whether sports-related event contracts fall under federal commodities regulation or state gambling laws.
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