Sam Bankman-Fried is accused of a huge scheme to defraud investors in failed crypto exchange FTX.
Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, has been denied bail by a judge in the Bahamas.
US authorities charged Mr Bankman-Fried with «one of the biggest financial frauds in US history» on Tuesday.
The ex-FTX boss built a «house of cards on a foundation of deception», Security and Exchange Commission (SEC) Chair Gary Gensler said.
Mr Bankman-Fried has indicated that he will fight extradition to the US.
Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied the petition for his release on bail, citing a «great» risk of flight, and ordered that he be kept on remand at a correctional facility until 8 February.
He was arrested in the Bahamas on Monday.
Last month, FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds. According to a court filing, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).
Among the most serious allegations against Mr Bankman-Fried is that he used billions of dollars of customer funds to prop up his investment trading company, Alameda.
It is unclear how much people who have funds in the exchange will get back at the end of bankruptcy proceedings — though many experts have warned it may be a small fraction of what they deposited.
