Saitama CEO Fights US Extradition Over Alleged $20 Million Crypto Scheme

A British judge has rejected former Saitama CEO Manpreet Kohli's bid to avoid extradition to the United States, where he faces charges tied to an alleged crypto market-manipulation scheme.

According to a report by Reuters, Judge Samuel Goozee rejected Kohli's challenge on August 19 and sent the case to the U.K. government for a decision on the U.S. extradition request. Kohli can appeal the ruling, so his extradition is not yet final, and he remains free on £200,000, about $272,400, bail.

The charges concern Saitama, an Ethereum-based token that once reached a reported market capitalization of $7.5 billion. U.S. prosecutors have charged Kohli with wire fraud, market manipulation, related conspiracy offenses, and operating an unlicensed money-transmitting business.