FTX co-founder Sam Bankman-Fried, who has been in jail in the Bahamas, has agreed to be sent to the U.S. to face multiple criminal charges.

Bankman-Fried had been expected to drop his fight against extradition. A hearing had been set for Wednesday in Nassau to consider the matter. A representative for the former FTX chief executive officer did not immediately return a request for comment.

By signing his extradition papers, Bankman-Fried moves a step closer to facing a range of criminal charges in the U.S. related to the collapse of the FTX, which he co-founded. 

The development, which was first reported by ABC News, was confirmed by Bahamas Acting Commissioner of Corrections Doan Cleare.