Prediction market Kalshi has permanently banned former New York Republican congressman George Santos from its platform following accusations of insider trading. This decision represents the first lifetime ban ever issued by the exchange.
The company stated that its compliance department established reasonable cause to believe Santos engaged in insider trading by placing bets on his own attendance at the State of the Union address. These trades resulted in a profit of $17,839.
In addition to the lifetime ban, Kalshi has fined Santos $71,356. The platform noted that the former congressman failed to cooperate with the internal investigation into the alleged unlawful trades. This disciplinary action comes two months after the Commodity Futures Trading Commission settled charges against Santos.
Following the announcement, Santos posted on X, saying thanks for the lifetime ban from your gambling platform. The incident occurs as election integrity experts express concern that prediction markets could be used in attempts to manipulate midterm elections.