Manpreet Kohli, the former chief executive of cryptocurrency company Saitama, has lost his latest challenge against extradition from the United Kingdom to the United States. He now faces the possibility of being transferred to the U.S. to stand trial on wire fraud and market manipulation charges. Kohli has not been convicted, and British ministers still must make the final extradition decision.

Extradition Case Moves to Ministers

A British judge rejected Kohli’s challenge on Aug. 19 and referred the case to the U.K. government. Under Britain’s extradition process, the decision now sits with the home secretary, who must approve U.S. extradition requests, and further appeals are heard by the High Court in London. Kohli remains free on £200,000 bail and retains the right to appeal.

The 45-year-old Indian national argued that U.S. authorities could not provide adequate safeguards for his mental health and suicide risk while in custody. Judge Samuel Goozee concluded that appropriate arrangements existed during transport and detention. Such suicide-risk objections are a recurring feature of British extradition cases, where courts weigh the person’s human rights against assurances from the requesting state about their care in custody.

The allegations stem from Saitama’s rapid rise in the cryptocurrency market. The Ethereum-based token reportedly reached a peak market value of about $7.5 billion.

Alleged Token Manipulation Scheme

U.S. prosecutors accuse Kohli and other Saitama executives of publicly claiming to hold or purchase the token while secretly selling their positions for profit. Prosecutors allege that Kohli personally earned about $20 million from the activity.

The case followed an FBI investigation that involved creating a digital token as part of an operation targeting suspected cryptocurrency market manipulation. U.S. authorities charged Kohli with wire fraud, market manipulation and related conspiracy offenses.

A federal judge in Boston also recently rejected Kohli’s attempt to dismiss the U.S. indictment. That challenge included an argument that the Saitama token did not qualify as a security under U.S. securities law, a question that recurs across U.S. crypto enforcement cases. If extradited, Kohli would face the charges in federal court in Boston, where the indictment remains pending.

The British government’s decision will determine whether Kohli is ultimately sent to the United States. The case also underscores the growing reach of U.S. enforcement efforts against alleged manipulation in cryptocurrency markets.