Saitama CEO Manpreet Kohli loses UK extradition challenge

Manpreet Kohli, the chief executive of the Saitama cryptocurrency project, has lost his bid in a UK court to stop extradition to the United States. U.S. prosecutors allege that Kohli profited about $20 million by publicly claiming to buy and hold Saitama tokens while privately selling them, constituting wire fraud and market manipulation.

Extradition ruling and next steps

Judge Samuel Goozee rejected Kohli’s arguments on August 19, finding that appropriate arrangements exist for his transit and custody in the United States, including measures to mitigate suicide risk. The decision was referred to British ministers, who will decide whether to issue an extradition order. Kohli remains free on £200,000 bail and retains the right to appeal.

U.S. charges and related investigation

The indictment in Boston accuses Kohli of violating wire‑fraud statutes and manipulating the market for the Ethereum‑based Saitama token, which at its peak had a market capitalization of roughly $7.5 billion. The case is part of a broader U.S. crackdown on crypto‑market manipulation, known as Operation Token Mirrors, in which the FBI created a fictitious token, NexFundAI, to expose wash‑trading schemes.

FBI operation and other defendants

Undercover agents posing as NexFundAI operators approached market makers offering services to fabricate trading volume. Companies such as Gotbit, CLS Global, MyTrade and ZM Quant were implicated. Gotbit’s founder, Aleksei Andriunin, pleaded guilty and was sentenced to eight months in prison, forfeiting about $23 million in stablecoins. CLS Global received a $428,000 fine and three years of probation.

Related civil actions

The U.S. Securities and Exchange Commission has also filed a civil enforcement action against Kohli and other Saitama promoters, alleging deceptive statements and participation in manipulative trading practices.

Potential extradition outcome

If British ministers approve the extradition, Kohli will be transferred to the United States to face trial on the pending charges. He may continue to contest the extradition through further appeals.