Cagayan Special Economic Zone

According to’s unnamed source, Grapefruit is an authorized service provider of Golden Millennial Quickpay Inc. Ltd., an offshore cryptocurrency company licensed by the Cagayan Economic Zone Authority (CEZA).

CEZA is a government-owned corporation that supervises the Cagayan Special Economic Zone and Freeport. It is a special economic area in the northern part of the Philippines. The zone aims to attract foreign and local investment. Furthermore, the Philippine government began allowing cryptocurrency firms to operate there since April 2018.

Grapefruit was operating outside of the designated jurisdiction and also had some breaches on Philippine financial regulations, stated.