Kalshi announces it has imposed its first lifetime ban on former U.S. Rep. George Santos, barring him from trading on its prediction market. Multiple outlets say the decision follows an investigation into suspicious or potentially unlawful trading activity and Santos’s failure to cooperate with the review.
Reports also say Kalshi imposes a monetary penalty. Quartz, The New York Times, and Wired state Kalshi fines Santos $71,356, citing evidence that he engaged in insider trading or attempted to manipulate the platform. The Wall Street-focused coverage adds that related regulatory matters are connected to Santos’s July settlement of CFTC charges. Other outlets note Santos’s response, including mockery directed at Kalshi after the ban.
There are minor differences in emphasis across outlets—some describe the ban as the first-ever lifetime ban for Kalshi, while others highlight specific allegations, such as betting on his own attendance at President Trump’s State of the Union address. One outlet also notes that Santos’s prison sentence was commuted by President Donald Trump last year, providing additional background but not changing the basis for the platform’s action.
