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Kalshi levies $71,356 fine and lifetime ban on George Santos for non-cooperation in alleged insider trading probe
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The prediction market says the former congressman failed to fully cooperate with its investigation into alleged insider trading tied to State of the Union attendance contracts.
This is Kalshi's first lifetime ban, signaling how the operator is willing to enforce market-integrity rules independently of regulators. The CFTC has now settled two insider-trading cases involving political-event contracts within weeks, suggesting federal scrutiny of prediction markets is sharpening. Engineers building on or competing with Kalshi should expect the company to invest in trade-surveillance and to treat non-cooperation with internal probes as a standalone basis for permanent exclusion.
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Kalshi imposed a $71,356 penalty and a permanent platform ban on George Santos, its first lifetime ban, citing incomplete cooperation with the company's own insider-trading investigation.
The underlying allegation involves Santos reportedly buying contracts that he would not attend the State of the Union after weather disrupted travel, then selling at a profit of more than $17,500 after publicly claiming he would attend.
The CFTC separately settled with Santos in July for over $35,000 with a three-year trading ban, and last week settled a related case against a former White House teleprompter operator for over $172,000 over contracts tied to Trump speech content.
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