Kalshi permanently bans ex-Congressman George Santos, imposes $71,000 fine
Prediction-market platform Kalshi has issued a lifetime ban and a $71,356 penalty to former New York Representative George Santos for alleged insider-trading violations and lack of cooperation with its compliance team.
Kalshi announced on Aug. 31 that former U.S. Rep. George Santos has been barred from the platform for life and fined $71,356 after the compliance department said he failed to cooperate with its investigation. The ban follows a settlement in which Santos paid $35,000 to resolve a Commodity Futures Trading Commission (CFTC) probe into trades he placed on a contract predicting attendance at the State of the Union address.
The CFTC said Santos traded on the contract between Feb. 12 and Feb. 25 and then made public statements that appeared to influence the contract’s price, allowing him to earn more than $17,500. Kalshi said the ban was warranted because his actions could affect the outcome of the market.
"Hey @Kalshi thanks for the lifetime ban from your gambling platform, let's see how much longer you guys are around for," Santos wrote on X on Aug. 31.
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. He is the first person ever to receive a lifetime ban from Kalshi.