Prediction‑market operator Kalshi has banned former US congressman George Santos from trading on its platform for life.
Kalshi said the former Rep., who was expelled from Congress over fraud and identity‑theft accusations, placed bets in February on whether he would attend President Donald Trump’s State of the Union address.
The internal review found the trades showed signs of insider dealing, with Santos making a gain of about $17,840. Kalshi acted independently, before any government action.
Santos thanked the platform on X for the ban, adding, “Let’s see how much longer you guys can stay.”
The decision comes amid a wave of scrutiny on prediction markets, after rising unusual trading patterns prompted platforms such as Polymarket to strengthen oversight.
Kalshi’s compliance team flagged suspicious activity earlier this summer and had already referred the case to federal authorities. The platform said the trades were tied to a market that could be directly influenced by Santos’s own attendance.
In 2025, President Trump ordered Santos’s release from prison after a seven‑year sentence for wire fraud and aggravated identity theft, of which his expulsion from Congress made him one of only six lawmakers ever expelled.
The ban illustrates growing compliance demands for prediction markets as they enter the mainstream, with regulators expecting tighter controls around political and economic events.
