{"id":77550,"date":"2026-09-01T04:55:46","date_gmt":"2026-09-01T04:55:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/santos-fires-back-at-kalshi-lifetime-ban\/"},"modified":"2026-09-01T04:55:46","modified_gmt":"2026-09-01T04:55:46","slug":"santos-fires-back-at-kalshi-lifetime-ban","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/santos-fires-back-at-kalshi-lifetime-ban\/","title":{"rendered":"Santos Fires Back at Kalshi Lifetime Ban"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Kalshi permanently banned George Santos and imposed a $71,356 penalty, effective Aug. 28.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The CFTC\u2019s July order formally credited Santos\u2019s cooperation in its investigation.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Four others were banned three years each; Kalshi says they cooperated.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Disagreements and Social Media Spats<\/h2>\n<p>Kalshi\u2019s Compliance Department <a href=\"https:\/\/kalshi-public-docs.s3.amazonaws.com\/regulatory\/notices\/KDA-2026-0006%20Santos%20Notice%20of%20Disciplinary%20Action.docx.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">permanently suspended George Santos<\/a> from direct or indirect access to the platform and imposed a $71,356 penalty. The notice cites six rule violations, finding he profited $17,839.57.<\/p>\n<p>It is the first lifetime ban in the company\u2019s history, the Wall Street Journal <a href=\"https:\/\/www.wsj.com\/politics\/ex-congressman-george-santos-receives-kalshis-first-ever-lifetime-ban-b50eeaf1\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> based on a statement from a Kalshi spokeswoman. A representative told NOTUS by email that Santos had \u201cevaded discussions\u201d with the compliance department, and that he can <a href=\"https:\/\/www.notus.org\/money\/kalshi-george-santos-lifetime-ban-state-of-the-union-trump-insider-trading-prediction-market\" target=\"_blank\" rel=\"noopener noreferrer\">appeal both the ban and the penalty<\/a> to the Commodity Futures Trading Commission.<\/p>\n<p>The federal regulator reached the opposite conclusion. Its <a href=\"https:\/\/www.cftc.gov\/media\/14451\/ENF_SantosOrder073126\/download\" target=\"_blank\" rel=\"noopener noreferrer\">July 31 order<\/a>, which <a href=\"https:\/\/news.bitcoin.com\/igaming\/george-santos-settles-cftc-case-over-trading-his-own-kalshi-market\/\">Santos settled<\/a> for $35,069.98 and a three-year trading ban, states that the commission recognizes his cooperation in the underlying investigation and that it assisted in the swift resolution of the matter. The same order requires him to cooperate with the commission, any other government agency, and any self-regulatory organization. This category includes Kalshi, too, as a designated contract market.<\/p>\n<p>Santos rejected the decision publicly, <a href=\"https:\/\/x.com\/Georgesantos\/status\/2094433522870063497\" target=\"_blank\" rel=\"noopener noreferrer\">calling Kalshi an unserious company on X<\/a> that violates its own notices and deadlines, and saying it had given him a 30-day notice on Aug. 7 before announcing the penalty (the notice took effect 21 days after that date). He also wrote, \u201cHey @Kalshi thanks for the lifetime ban from your gambling platform,\u201d adding, \u201clet\u2019s see how much longer you guys are around for.\u201d The former congressman did not respond to a request for comment from the Associated Press about the ban.<\/p>\n<p>The cooperation finding appears nowhere in the Santos notice\u2019s findings section. The two documents also disagree on when the trading began. Kalshi places it between Feb. 2 and Feb. 25. The CFTC order finds Santos opened his account on Feb. 11 with $1,000 and made his first trade the following day, accumulating 30,874 Yes contracts before reversing into 23,855 No contracts. Nine days of Kalshi\u2019s window predate the account.<\/p>\n<p>When Santos discussed the controversy on his podcast in March, he said some people lost money, and others made unexpected money, and that it showed how fragile these markets are. Kalshi had priced his attendance near 75% on the eve of the speech before <a href=\"https:\/\/news.bitcoin.com\/george-santos-hyped-his-state-of-the-union-seat-then-bet-he-wouldnt-show\/\">he failed to appear<\/a>.<\/p>\n<p>The prediction market also handed three-year suspensions to Stephen Cloobeck, fined $31,770 over roughly $10,000 in contracts on his aborted California gubernatorial run, and Ben Midgley, fined $5,434.30 over less than $1,000 tied to his Maine primary bid. Both notices state expressly that the trader cooperated. Laurie Buckhout, the Republican nominee in North Carolina\u2019s 1st District, received a three-year ban and a fine of about $2,589. Each was charged under a single rule barring trading by anyone who can influence a contract\u2019s outcome.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/igaming\/an-unserious-company-santos-fires-back-at-kalshi-lifetime-ban\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Kalshi permanently banned George Santos and imposed a $71,356 penalty, effective Aug. 28. The CFTC\u2019s July order formally credited Santos\u2019s cooperation in its investigation. Four others were banned three years each; Kalshi says they cooperated. Disagreements and Social Media Spats Kalshi\u2019s Compliance Department permanently suspended George [&hellip;]<\/p>\n","protected":false},"author":3947362403,"featured_media":77551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/77550"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362403"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=77550"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/77550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/77551"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=77550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=77550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=77550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}