UK Judge Rejects Extradition Challenge for Ex-Saitama CEO

A British judge has rejected former Saitama CEO Manpreet Kohli's challenge to extradition to the United States, moving him one step closer to facing trial on charges of wire fraud and market manipulation. The ruling, issued on August 19, 2026, by District Judge Samuel Goozee at Westminster Magistrates' Court, refers the case to British ministers for a final decision on his surrender, a step typically considered a formality.

Kohli, a 45-year-old Indian national, is accused by U.S. prosecutors of orchestrating a scheme to artificially inflate the value of the Saitama token, an Ethereum-based cryptocurrency that at its peak reached a market capitalization of approximately $7.5 billion. The charges allege that Kohli and his co-conspirators publicly claimed to hold and purchase the tokens while secretly selling them for personal profit, with prosecutors estimating Kohli made around $20 million from the sales.

The case is part of a broader federal investigation known as Operation Token Mirrors, announced in late 2024 by the FBI and Boston prosecutors. The investigation led to the indictment of 18 individuals and several firms. Court filings indicate that Saitama administrators hired...