Saitama CEO loses UK extradition challenge over alleged $20 million token scheme

Kohli remains free on £200,000 bail and can appeal. The ruling does not make extradition final, and Kohli has not been convicted.

The allegations concern Saitama's market activity

The U.S. Justice Department's indictment identifies Kohli as Saitama's CEO and says he faces wire-fraud, market-manipulation and conspiracy charges, along with an allegation involving an unlicensed money-transmitting business. Prosecutors allege that Saitama executives coordinated token purchases, paid market makers to inflate activity and privately sold tokens while publicly presenting themselves as buyers or holders.

Decrypt's report says prosecutors allege Kohli made approximately $20 million from the scheme. The indictment and the Justice Department's announcement establish the charges; they do not establish guilt.

The next decision is still political

The British court's decision moves the case to the ministerial stage rather than sending Kohli directly to the United States. The reported challenge included arguments about mental-health and suicide-risk safeguards in U.S. custody; the judge found those arrangements sufficient for the extradition process to continue.

The supportable conclusion is narrower than a claim that Kohli will be tried in the United States: a court challenge has failed, an appeal remains possible and ministers have not yet made the final extradition decision.