Philippine cryptocurrency regulator head accused of misappropriating millions of dollars

Raul Lambino, director of the Philippines' Cagayan Economic Zone Authority (CEZA), has come under fire for alleged corruption. The economic zone issues licenses for cryptocurrency exchanges operating in the Philippines. The Manila Times published a report allegedly leaked by the Philippine National Intelligence Coordinator (NICA). It is reported that Raul Lambino has tens of millions of dollars of unexplained wealth. It is said that Lambino charges a major licensing fee of $ 100,000 and an application fee of $ 100,000 for each cryptocurrency company applying to operate under CEZA. However, the intelligence report claimed that only $ 3,000 in Lambino's receipts were for these costs, suggesting that he had misappropriated another $ 97,000. Under the management of CEZA by Lambino, there are 25 cryptocurrency companies operating. The report showed that Lambino took away at least $ 4.8 million for the application and authorization fee alone.