In a recent development in the United States, former congressman Santos has been barred from betting on Kalshi.
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Online prediction market platform Kalshi has permanently banned former U.S. Representative George Santos from its platform following an investigation into potential insider trading. Santos, who had expressed intent to attend the State of the Union address, was accused of profiting from bets against his attendance, ultimately earning a $17,839 profit when he failed to show up.
Kalshi's compliance department deemed Santos' actions as influencing market outcomes, leading to the lifetime ban and a $71,356 penalty. Four other individuals involved in new enforcement cases will face temporary bans, provided they cooperate with Kalshi's Compliance Department. Santos, a Republican congressman who served after creating a false persona, was previously sentenced to seven years in prison for fraud and identity theft in 2024.
Kalshi also imposed three-year bans on three other individuals involved in similar trading activities.
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