Philippine Cryptocurrency Regulator Accused of Misappropriating Millions

Raul Lambino, the administrator of the Cagayan Economic Zone Authority (CEZA) — the special economic zone that licenses cryptocurrency exchanges operating in the Philippines — has come under fire for allegations of corruption.

On Feb. 20, The Manila Times published a story citing purportedly leaked from the Philippine National Intelligence Coordinating Agency (NICA). The outlet claims that Lambino has unexplained wealth in the tens of millions of dollars. According to the NICA report:

“It is now the general belief of many from Pangasinan, especially among provincial political leaders, that Lambino is the most liquid and moneyed government official in the province.”

Lambino allegedly misappropriated millions from crypto companies

Lambino allegedly charges each cryptocurrency company applying to operate under CEZA $100,000 for principal licensing fees plus an application fee of $100,000. However, the intelligence report purports that Lambino records having only $3,000 in the…