Kalshi Bans Former Congressman George Santos for Life

Kalshi has taken a strong stance against insider trading by issuing a permanent ban to former US Congressman George Santos. The platform confirmed that Santos placed trades on whether he would attend President Donald Trump’s State of the Union address, which violated their policies.

Santos responded to the ban with a defiant message, writing, "Thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for." Despite his belligerent response, Santos admitted to the offenses, stating that he placed the trade to demonstrate the "imperfect nature" of prediction markets.

In addition to the lifetime ban, Kalshi issued a fine of $71,356 to Santos, which is significantly higher than the $35,000 fine he was ordered to pay by the Commodity Futures Trading Commission (CFTC). Santos' involvement in prediction markets has also cost him his political career, as he was expelled from Congress in 2023 and pleaded guilty to federal wire fraud and identity theft. Santos has previously endorsed Polymarket, a rival of Kalshi, and Donald Trump Jr. is an advisor to both platforms.