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🇺🇸 United States /Elections & Politics

Kalshi permanently bans former congressman George Santos over suspicious trades

From CBS News · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources Ongoing story
  • Kalshi permanently banned George Santos after he failed to cooperate with its investigation into allegedly unlawful trades.
  • The company said the trades generated nearly $18,000 in profits and imposed a $71,356 penalty, according to a filing on its website.
  • Santos previously agreed to pay $35,000 to settle a federal probe, while the Commodity Futures Trading Commission imposed a three-year trading ban.

Kalshi has permanently barred former congressman George Santos from its prediction market platform after he declined to cooperate with the company’s compliance investigation.

The investigation concerned trades allegedly linked to Santos’ attendance at the 2026 State of the Union address. A Kalshi spokesperson said the ban resulted from “his lack of cooperation” with the compliance department. The company said the trades earned Santos nearly $18,000, and a filing on its website shows that Kalshi also penalized him $71,356.

Santos represented New York’s 3rd Congressional District before the House expelled him in 2023 after he faced fraud and campaign finance charges. In July, he agreed to pay $35,000 to settle a federal investigation into his Kalshi trades.

The Commodity Futures Trading Commission separately imposed a three-year trading ban on Santos. Kalshi said its own ban would last for life. The company described the case as involving alleged unlawful trades, and the investigation remains part of a developing story.

his lack of cooperation

— Kalshi spokespersonThe spokesperson gave this as the reason for Santos’ permanent ban from the platform.
About this summary

Originally published by CBS News in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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