Saitama CEO faces US extradition over $20M

• A UK judge rejected former Saitama CEO Manpreet Kohli’s challenge against US extradition.
• US prosecutors accuse Kohli of making about US$20 million through alleged token manipulation.
• Kohli remains free on £200,000 bail and can appeal the ruling.

A UK judge rejected former Saitama CEO Manpreet Kohli’s extradition challenge over an alleged US$20 million token scheme.

Judge Samuel Goozee rejected the challenge on August 19 and sent the case to the UK government.

The ruling moves Kohli closer to facing trial in Boston, although his extradition is not yet final.

US prosecutors accuse Kohli of wire fraud, market manipulation, conspiracy and operating an unlicensed money-transfer business.

Prosecutors allege Saitama executives used coordinated purchases and paid market makers to create artificial trading activity.

They allege Kohli made about US$20 million while privately selling tokens despite publicly denying sales.

Kohli remains free on £200,000 bail and can appeal, while US prosecutors continue pursuing the case.