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

Bankman-Fried has been in custody in the Bahamas since he was arrested on 12 December in connection with several US criminal charges, which were unsealed a day later. Federal prosecutors in Manhattan have charged Bankman-Fried with fraud and money-laundering offences, alleging he defrauded customers, lenders and investors. They also alleged he violated campaign-finance rules by making illegal political contributions.