Kalshi bans ex-congressman George Santos from prediction platform for life

Former Republican congressman George Santos has become the first individual ever to receive a lifetime ban from the prediction-market platform Kalshi, along with a hefty $71,356 fine. Federal regulators accused Santos of profiting from bets tied to his presence at Donald Trump’s State of the Union address earlier this year. The Commodity Futures Trading Commission (CFTC) alleges that Santos took advantage of weather forecasts, which threatened to disrupt his travel to Washington in February, by buying contracts betting he would miss the speech.

He then posted misleading social media updates suggesting he planned to attend, causing the value of his contracts to rise. Santos refused to fully cooperate with Kalshi’s investigation, leading to the permanent suspension rather than a temporary one. Santos was previously expelled from the House in December 2023 after being found guilty of defrauding donors, lying about his finances, and fabricating his biography.

He pleaded guilty to federal wire fraud and identity theft charges and served less than three months of a seven-year sentence before Trump commuted it. Santos agreed to pay over $35,000 to settle the CFTC’s case in July, with no admission of wrongdoing, barring him from trading on any platform for three years. The lifetime ban by Kalshi adds another significant punishment on top of the existing one.