The founder and former CEO of FTX, Sam Bankman Friedis expected to declare in court in the Bahamas on Monday that he will no longer fight his extradition to the United States, where he is located charged with criminal fraud.

The former cryptocurrency billionaire will appear in court in the Bahamas on December 19 to formally waive his extradition rights to allow federal officials to secure his return to the United States, according to Reuters.

Bankman-Fried was arrested in the Bahamas earlier this week and charged with fraud.

He was accused by a US grand jury of defrauding FTX customers and lenders, conspiring to do so, and engaging in money laundering.

That Securities and Exchange Commission has accused the embattled founder of defrauding investors.

Additionally, the SEC alleges that Bankman-Fried used client funds to support lavish lifestyles and make political donations.

The Commodity Futures Trading Commission also has filed charges against former FTX CEO in connection with similar allegations that he conspired to defraud FTX clients out of billions of dollars beginning in 2019, the year the exchange was founded.

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A 1991 treaty between the Bahamas and the United States codifies extradition. Due to the various ways in which extradition can be appealed, the process usually takes months or even years.

Initially, Bankman-Fried’s legal team intended to contest his extradition, but if he chooses to waive his right, the process will be greatly expedited.

FTX and Bankman-Fried both have offices in the Bahamas. He is currently being held in Fox Hill Jail after a judge denied his request to stay home while he awaited an extradition hearing.

Bankman-Fried could face up to 115 years in prison if found guilty on all charges.

A highly concentrated holding in self-issued ones FTX Token FTT/USDBankman-Frieds hedge fund Alameda Research as collateral for billions in…