CA, US & World
Kalshi Bans George Santos for Life After Trading Investigation
Prediction market Kalshi has permanently banned former New York Republican Congressman George Santos from its platform, marking the first lifetime ban issued by the company.
The decision comes after the Commodity Futures Trading Commission previously accused Santos of trading on whether he would attend President Donald Trump's State of the Union address.
Regulators said Santos made more than $17,000 through trades that he improperly influenced. The CFTC also alleged that Santos made misleading social media posts while trading on the event.
Santos agreed in July to pay more than $35,000 to settle the claims without admitting wrongdoing.
Kalshi said it issued the lifetime ban because Santos did not fully cooperate with the company's investigation.
The prediction market also imposed a penalty of more than $71,000.
The case highlights growing scrutiny of prediction markets, which allow users to trade contracts tied to the outcomes of real-world events.
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By: NBC Palm Springs
August 31, 2026
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