Prediction market operator Kalshi has permanently barred former US congressman George Santos from trading on its platform. The company alleged that Santos placed bets in February related to his own attendance at US President Donald Trump's State of the Union address, which Kalshi concluded showed signs of insider dealing.
Kalshi stated its compliance team found Santos placed a series of sizeable bets between 2 and 25 February. Some of these were reportedly based on false or misleading public statements about his plans, which moved contract prices. Santos ultimately earned $17,839.57 from these trades.
In July, Santos agreed to pay $35,000 to settle a federal investigation by the Commodity Futures Trading Commission (CFTC) into his State of the Union trades. Kalshi, alleging Santos used non-public information, issued its own penalty of $71,356 (£38,000).
Santos, who was expelled from Congress following fraud and identity-theft charges, thanked Kalshi for the ban on X, adding: "Let's see how much longer you guys are around for."