Kalshi Bans George Santos for Life Over Insider Trading Allegations

The online prediction market platform Kalshi announced on Monday that it has permanently banned former U.S. Representative George Santos after finding he likely participated in insider trading regarding his attendance at the State of the Union address.

Kalshi's compliance department concluded that Santos turned a profit of $17,839 from his trading activities, despite having publicly stated his intention to attend the event. The platform had estimated a 75% chance of his attendance just before the address.

During the speech, Santos claimed he was delayed at the airport, leading to accusations on social media of further deceptive behavior. As a result of its findings, Kalshi imposed a lifetime ban on Santos, effective last Friday, along with a penalty of $71,356, citing his ability to influence market outcomes through misleading statements.