Kalshi, the prediction market platform, permanently bans former U.S. Representative George Santos after concluding he engaged in insider trading tied to a bet on whether he would attend the State of the Union address. Multiple outlets report the company also imposed a monetary penalty and described compliance findings that Santos could influence the outcome while trading on it.

Kalshi says its compliance review established “reasonable cause to believe” Santos participated in insider trading and that he placed a series of bets before the address, then made public statements about whether he would attend. Reporters note Kalshi implemented the lifetime ban effective last Friday, preventing Santos from accessing the platform directly or indirectly. The ban is presented as Kalshi’s first permanent enforcement action.

Outlets also describe Santos’s public response, including mocking the ban on social media after learning of it. Several sources mention the platform fined Santos $71,356 and that the former congressman had previously agreed to pay $35,000 to settle a related Commodity Futures Trading Commission investigation. In the broader context, NPR notes election integrity experts are watching prediction markets for potential manipulation risks, even as the case focuses on event-based trading around the State of the Union.