The so-called "king of cryptocurrency," Hyeong Do Kwon, is set to be extradited to the United States, where he faces criminal charges related to financial operations, announced the High Court of Podgorica.
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The decision to extradite Do Kwon to the United States came after the Court of Appeal ordered the High Court to decide whether the "cryptocurrency king" should be extradited to South Korea or the United States.
In previous rulings, the High Court concluded that the conditions for Do Kwon's extradition had been met and left it to Minister of Justice Andrej Milović to decide which of the requesting countries should be given priority.
"The United States is our key partner in foreign policy, and we want to sign a bilateral extradition agreement as soon as possible to create a legal framework for future extraditions," said Milović.
The U.S. Securities and Exchange Commission (SEC) has sought the extradition of the accused Hyeong Do Kwon, a South Korean national accused by the United States of cryptocurrency fraud.
Do Kwon is suspected of causing more than $40 billion in losses as a result of the bankruptcy of the company behind the Terra cryptocurrency.
He was arrested by Montenegrin police at Podgorica Airport while traveling to Dubai with a forged passport. There was an international arrest warrant issued against him.
According to the Montenegrin Ministry of Justice, the U.S. Commission has also requested that Montenegrin officials question the accused Do Kwon to fulfill civil procedures in the United States.
The U.S. Securities and Exchange Commission has filed a lawsuit against Do Kwon in the New York court.
His arrest has drawn global attention as he is one of the prominent figures in the cryptocurrency world.