Sam Bankman-Fried Is Expected to Consent to Extradition From Bahamas

FTX co-founder Sam Bankman-Fried is planning to consent to extradition to the U.S. to face criminal charges related to the cryptocurrency exchange’s collapse, people familiar with the matter said.

Mr. Bankman-Fried has been in custody in the Bahamas since he was arrested last Monday in connection with several U.S. criminal charges, which were unsealed a day later. Federal prosecutors in Manhattan have charged Mr. Bankman-Fried with fraud and money-laundering offenses, alleging he defrauded customers, lenders and investors. They also alleged he violated campaign-finance rules by making illegal political contributions.

Mr. Bankman-Fried’s legal plans are still in flux and could change in the coming days depending on developments surrounding his case, one of the people familiar with the matter said. Mr. Bankman-Fried’s team is expecting that he will appear in a Nassau court for additional proceedings as soon as Monday, the person said.

Lawyers for Mr. Bankman-Fried didn’t respond to requests for comment. A spokesman for the U.S. attorney’s office declined to comment.