The British-based executive behind a multibillion-dollar token project has exhausted his local legal challenges, clearing the path for a high-stakes transfer to American custody over widespread market manipulation allegations

As per the ruling, Westminster Magistrates' Court formally rejected extradition challenges brought by 45-year-old Manpreet Kohli, moving the case directly to British ministers for final sign-off.

As the former head of Saitama whose Ethereum-based token reached a staggering $7.5 billion peak market valuation—Kohli is accused by U.S. prosecutors of orchestrating a massive pump-and-dump scheme.

Authorities allege executives publicly claimed to hold their tokens while secretly liquidating them for roughly $20 million in personal profit.

The prosecution stems from an expansive federal investigation notable for featuring the FBI's creation of its own proprietary digital token to track illicit market manipulation.

Kohli's defense team fought extradition on multiple fronts, including a failed motion claiming U.S. custody conditions posed severe mental health risks, alongside an unsuccessful push in Boston federal court to dismiss the indictment.

He fought against extradition, including on the grounds that in the U.S. there would be inadequate measures to prevent him taking his own life in custody.

But Judge Samuel Goozee rejected Kohli's challenge on August 19 and sent his case to British ministers to decide whether to order his extradition, a step which is usually a formality.

Kohli remains free on £200,000 ($272,420) bail and can appeal against the ruling. He could not be contacted for comment.

Earlier this month, a federal judge in Boston rejected his bid to have the indictment against him dismissed on the grounds that the Saitama token cannot legally be considered a security subject to regulation under U.S. securities law.

District Judge Samuel Goozee said, "I find there are clearly appropriate arrangements in place both during transit and within the prison system in the U.S. to be able to cope with his mental health and reduce the risk of suicide to an acceptable level.