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Kalshi bans ex-congressman George Santos for life after suspicious trades
CBS News • • nation
Key Points:
- Kalshi has permanently banned former New York lawmaker George Santos from its prediction market platform due to his lack of cooperation in an investigation into allegedly unlawful trades related to the 2026 State of the Union address.
- Santos is the first individual to receive a lifetime ban from Kalshi, and the company also penalized him $71,356 as part of the enforcement action.
- Santos previously agreed to pay $35,000 to settle a federal probe and was banned from trading for three years by the Commodity Futures Trading Commission (CFTC) for suspicious trades on Kalshi.
- The CFTC found that Santos traded on contracts related to his attendance at the State of the Union, which he was prohibited from doing as he could influence the event's outcome.
- Despite the ban, Santos made multiple trades and public statements aimed at influencing the prediction market, prompting Kalshi's compliance investigation and subsequent ban.
