A British cryptocurrency executive lost a legal bid to avoid extradition to the United States on charges of wire fraud and market manipulation tied to the Saitama token. London’s Westminster Magistrates’ Court ruled against Manpreet Kohli, 45, on August 19, rejecting his challenge to the extradition request filed by U.S. prosecutors.
Kohli, who led the company behind the Saitama token—a digital asset issued on the Ethereum blockchain—is accused of orchestrating a scheme in which he and more than a dozen associates allegedly misled investors while secretly selling tokens for personal gain. U.S. authorities contend the group publicly promoted Saitama as a high-value investment while privately liquidating holdings worth approximately $20 million.
The token’s market capitalization peaked at $7.5 billion during its 2021 surge, but prosecutors allege the scheme artificially inflated its price through deceptive practices. The case stems from an FBI investigation that included the creation of a digital token as part of an undercover operation—a first for the agency, according to court documents.
Kohli was arrested in London in 2024 following the U.S. indictment. His legal team contested the extradition on multiple grounds, including concerns over mental health care and suicide prevention measures in U.S. custody. Judge Samuel Goozee dismissed these arguments, stating that standard safeguards would apply. The decision now shifts to British ministers, who typically follow judicial recommendations in extradition matters.
If extradited, Kohli will face trial in the U.S. on charges carrying potential penalties including significant fines and imprisonment. The case reflects heightened scrutiny of cryptocurrency-related fraud amid the sector’s rapid growth and regulatory expansion.
