Kalshi, a prediction market exchange, has issued a lifetime ban against former U.S. Representative George Santos, citing a "reasonable cause to believe" he engaged in insider trading. The company also imposed a $71,356 fine on Santos.
Santos responded to the ban on social media platform X, questioning the longevity of Kalshi itself. He also accused the company of violating its own notices and deadlines, claiming he received a 30-day notice on August 7 but that the ban was announced prematurely.
Robert DeNault, head of enforcement at Kalshi, stated on social media that while other individuals were temporarily suspended for similar allegations, Santos was the only one who did not cooperate with the company's investigation.
These actions by Kalshi follow a July fine of over $35,000 levied against Santos by the Commodity Futures Trading Commission (CFTC). The CFTC alleged that Santos engaged in manipulative activity within an event contract tied to his attendance at a Trump State of the Union address, with the intention of influencing the swap's price. Santos did not admit to the allegations but agreed to pay the penalties.