Kalshi Permanently Bars Santos After Manipulation Attempt

Kalshi has issued its first lifetime ban to former congressman George Santos, along with a fine of $71,356, for violating rules against insider trading and market manipulation. The platform found that Santos traded on contracts about his own attendance at the 2026 State of the Union address, then made false public statements to influence prices. The case was also referred to the CFTC, where Santos previously settled for $35,000 without admitting wrongdoing.

EXPANDED:

The disciplinary action stems from trades Santos placed on contracts tied to his own appearance at the February 2026 State of the Union address. After posting on X that he would attend, he later revealed he was watching from an airport, a sequence that Kalshi's enforcement team determined moved market prices. The platform froze his account and forwarded the case to federal regulators, with whom he later settled for $35,000 without conceding liability.

Santos' history includes expulsion from Congress in 2023, a guilty plea for embezzling campaign funds, and a