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Kalshi has imposed a lifetime ban on former U.S. congressman George Santos, making him the first person ever barred from the platform.
The company said Santos placed bets in February tied to his own attendance at President Donald Trump’s State of the Union address. According to a disciplinary notice, Kalshi’s compliance team concluded the wagers showed signs of insider dealing and acted immediately, without waiting for outside enforcement.
Santos, who was expelled from Congress after facing fraud and identity‑theft charges, responded on X by thanking Kalshi for the ban and added, “Let’s see how much longer you guys are around for.”
“The Compliance Department found that Santos made these statements with the intent to manipulate the price of the Yes or No contracts that he intended to purchase. Ultimately, these statements did in fact manipulate the price of said contracts,” the company said according to a BBC report.
The Santos story
Kalshi accused George Santos of using non‑public information to place bets and imposed a penalty of $71,356.
The company said its systems flagged suspicious trades earlier this year, leading to a referral to federal authorities. The case focused on wagers tied to whether Santos would attend President Trump’s State of the Union address, an event he could directly influence.
According to Kalshi, Santos placed a series of sizeable bets between 2 and 25 February, some of them based on misleading public statements about his plans. His comments moved contract prices, and he ultimately earned $17,839.57 from the trades. The company added that extra penalties were applied because of “his lack of cooperation” during the investigation.
The disciplinary action comes as prediction markets face growing scrutiny. Both Kalshi and rival Polymarket have reported unusual trading patterns, prompting platforms to tighten monitoring and respond more aggressively to misconduct.
