Kalshi issues first lifetime ban for Republican politician over insider bets
The prediction platform permanently banned George Santos and issued a three-year suspension for Laurie Buckhout after investigations into using insider information on event contracts.
Prediction platform Kalshi suspended US House candidate Laurie Buckhout for three years and imposed a $2,590 penalty after investigations into insider trading on event contracts. In a lifetime ban, Kalshi also permanently barred former Republican lawmaker George Santos from trading on its prediction markets platform, with a $71,356 fine.
Both sanctions followed probes into trading activities influenced by their own decision-making or potential influence over event outcomes. Kalshi's rules state that traders with any direct or indirect control over event outcomes are prohibited from engaging in trades on related contracts. The crackdown on prediction market platforms comes amid state and federal scrutiny over potential manipulation of event contracts.
While Buckhout remains the Republican candidate for North Carolina’s 1st congressional district, Santos was expelled from Congress in December 2023 amid fraud allegations. Santos dismissed the Kalshi sanctions as "unserious" on social media.
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