Kalshi permanently bans former Rep. George Santos for alleged insider trading
Prediction-market platform Kalshi said it has banned ex-Congressman George Santos and fined him $71,356 after finding he traded on contracts tied to his own attendance at the State of the Union address.
Kalshi announced on Monday that it has permanently barred former New York Republican Representative George Santos from its platform and imposed a $71,356 fine. The company said its investigation found Santos placed more than $17,000 in bets on contracts that predicted whether he would attend the State of the Union, while publicly commenting on his own presence to influence market prices.
Kalshi said Santos made statements such as, “I’m going to be there for the State of Union in the gallery, guys,” on X before the event, then posted that he was watching from the airport on the day of the address. The platform said those actions violated its rules against trading on non-public information.
“Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let's see how much longer you guys are around for,” Santos wrote in response, adding a kiss-mark emoji.
The disciplinary action follows a July order from the Commodity Futures Trading Commission that required Santos to pay $35,000 and barred him from trading for three years for the same conduct. Santos’ lawyer said the settlement was reached without an admission of the CFTC’s findings.
Kalshi also disclosed settlements with three political candidates who traded on contracts related to their own campaigns. Each will pay a penalty and face a three-year ban, though the company noted they cooperated with its investigation.
The platform’s disclosure notes a commercial relationship with CNBC, including customer acquisition and a minority investment.