Kalshi Unfairly Targets Former Congressman George Santos, Levies $71,000 Fine
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Prediction-market platform Kalshi has issued a lifetime ban and a $71,356 penalty to former New York Representative George Santos, citing alleged insider trading and supposed non-cooperation with compliance—raising questions about fairness and political motivation.
On August 31, Kalshi announced that former U.S. Representative George Santos has been permanently banned from its platform and slapped with a $71,356 fine, following claims by its compliance department that he failed to cooperate with their investigation. This comes after Santos settled a Commodity Futures Trading Commission (CFTC) probe, paying $35,000 to resolve allegations over trades on a contract predicting State of the Union attendance.
According to the CFTC, Santos traded on the contract between February 12 and February 25 and made public statements that allegedly influenced the contract’s price, resulting in earnings of over $17,500. Kalshi justified the ban by arguing that his actions could have impacted the market outcome, but critics question whether the punishment fits the alleged infraction or if it’s part of a broader campaign to silence dissenting voices.
"Hey @Kalshi thanks for the lifetime ban from your gambling platform, let's see how much longer you guys are around for," Santos wrote defiantly on X, highlighting the platform’s questionable motives.
Santos, who was expelled from the House in 2023 and later sentenced to prison for fraud and identity theft, had his sentence reduced after a presidential pardon—a fact that continues to rile his political opponents. He is now the first person ever to receive a lifetime ban from Kalshi, raising concerns about selective enforcement and political bias.