Prediction market platform Kalshi has imposed a three-year trading ban on U.S. House Republican candidate Laurie Buckhout after discovering she had bet on her own election. According to a disciplinary notice from Kalshi, Buckhout bought contracts worth less than $1,000 and agreed to pay a $2,589.96 fine, exceeding the size of her wager. Kalshi's rules prohibit anyone with direct or indirect influence over an event from trading contracts related to it, a category that includes candidates themselves. Buckhout described the bet as a stupid mistake, said she tried to correct it after the issue surfaced, and accepted the investigation's outcome, including the ban and fine. Kalshi has also taken other enforcement steps in recent days. On Monday it gave former congressman George Santos a lifetime ban and a fine of more than $70,000 for refusing to cooperate with an investigation. The platform says it is working to curb insider trading and rolled out three market integrity measures in June. This information was reported by BeInCrypto.
Techub News reports that prediction market platform Kalshi has handed a three-year trading ban to Laurie Buckhout, a Republican candidate for the U.S. House of Representatives, after finding she had bet on her own election.
According to a disciplinary notice published by Kalshi, Buckhout purchased related contracts worth less than $1,000 and agreed to pay a $2,589.96 fine, which exceeds the amount she wagered. The platform's rules prohibit anyone with direct or indirect influence over an event from trading contracts tied to it, and a candidate meets that definition.
Buckhout called the bet on herself a stupid mistake and said she tried to correct it once the issue surfaced. She accepted the investigation's findings, along with the ban and the fine.
Kalshi has taken several enforcement actions recently. On Monday, it handed former congressman George Santos a lifetime ban and a fine of more than $70,000 for refusing to cooperate with an investigation. The platform is trying to stamp out insider trading and introduced three market integrity measures in June.
The report comes from BeInCrypto.
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