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Ex-Congressman George Santos Receives Kalshi’s First-Ever Lifetime Ban
Kalshi said Santos tried to profit from a market he could influence, and the company added a penalty after he failed to fully cooperate.
- Kalshi announced a lifetime ban for former Rep. George Santos on Monday, imposing a $71,356 penalty after regulators alleged the former Republican congressman engaged in insider trading regarding his attendance at the speech featuring President Donald Trump.
- Regulators claim Santos profited from contracts predicting he would miss the speech while publicly suggesting he planned to attend, with market odds reaching close to 75% on the eve of the event.
- The incident occurred four months after President Donald Trump granted Santos clemency in a fraud case following his expulsion from the House, and Santos settled a related Commodity Futures Trading Commission case for more than $35,000.
- Responding to the ban, Santos mocked the platform, writing: "Hey @Kalshi thanks for the lifetime ban from your gambling platform." The former congressman retains the right to appeal to the CFTC.
- This marks Kalshi's first lifetime ban, placing the case at the center of insider trading scrutiny within the prediction market industry as the company noted the suspension was influenced by Santos' failure to participate in its review process.
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Prediction market Kalshi announces lifetime ban against former Rep. George Santos - Regional Media News
(WASHINGTON) - The prediction market Kalshi on Monday announced its first-ever lifetime ban against disgraced former Rep. George Santos, who previously settled a regulatory investigation into his trades with a hefty fine and a temporary ban from using prediction markets. The platform also announced penalties [...]
Kalshi bans George Santos for $17,839 market manipulation
Kalshi has permanently banned former U.S. Representative George Santos and imposed a $71,356 penalty after finding that he manipulated an attendance market to earn $17,839.57. Kalshi’s Aug. 28 disciplinary notice said Santos placed large trades between Feb. 2 and Feb.…
Predictive market platform Kalshi vetoed access to former congressman George Santos and fined him $71,356.
·Madrid, Spain
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Total News Sources220
Leaning Left50Leaning Right18Center116Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 27%
C 63%
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