Manpreet Kohli, a cryptocurrency executive, has lost his legal challenge against extradition from the United Kingdom, clearing the way for his transfer to the United States.

According to Reuters, Kohli is expected to face fraud and market manipulation charges brought by U.S. authorities. The case is tied to the Saitama token, a cryptocurrency project that has been the subject of regulatory scrutiny. Saitama was a dog-themed "meme" token that attracted a wave of retail buyers during the 2021 rally in animal-themed cryptocurrencies before its price collapsed. The U.S. charges against Kohli were first announced by the Justice Department in 2024.

The ruling, reported on August 27, 2026, marks a significant development in the cross-border enforcement of cryptocurrency-related cases. The United Kingdom and the United States maintain a long-standing extradition treaty under which such transfers take place, and under UK procedure a transfer that follows a failed court challenge still requires sign-off from the Home Secretary before it proceeds.

Fraud and Market Manipulation Allegations

U.S. prosecutors allege that Kohli was involved in fraud and market manipulation connected to the Saitama token. Following the UK court's decision, the charges will now be addressed through the U.S. legal system, where they remain allegations to be proven in court.

Kohli had contested the extradition, but the latest ruling removes a key legal obstacle to his transfer. The outcome highlights increasing international cooperation between authorities investigating alleged misconduct in the digital asset sector.

Cointelegraph reported the decision on X on August 27, 2026 (post):

LATEST: Crypto exec Manpreet Kohli loses his fight against extradition from the UK, set to face US fraud and market manipulation charges over the Saitama token, per Reuters. pic.twitter.com/629I5vZ9s8 — Cointelegraph (@Cointelegraph) August 27, 2026