FTX founder Sam Bankman-Fried on Wednesday agreed to be extradited to the U.S. before a Bahamas judge who approved his transfer, multiple outlets reported.

Driving the news: Bankman-Fried was arrested by Bahamas officials last week after a U.S. criminal complaint was filed against him, accusing him of engaging in a scheme to defraud FTX customers.

• He faces eight counts of fraud, conspiracy, campaign finance law violations and money laundering.
• U.S. Securities and Exchange Commission filed a separate civil complaint, accusing him of "orchestrating a scheme to defraud equity investors in FTX" and seeking to ban him from the cryptocurrency industry.

The big picture: SBF's decision to agree to extradition paves the way for his appearance in a U.S. court for an arraignment and bail hearing.

• Bankman-Fried faces a maximum of 115 years in prison if convicted on all criminal charges, though it's unlikely he will receive max sentences for all convictions.

Go deeper: Sam Bankman-Fried's "dirty money"

Editor's note: This is a developing story. Please check back for updates.