CIMA takes control of broker OnetradeX

Cayman’s financial services regulator, the Cayman Islands Monetary Authority, took charge of local broker OnetradeX by appointing Kenneth Krys and Angela Barkhouse of Krys Global as controllers of the company.

In a notice issued on 19 July, the regulator cited a section of the Securities Investment Business Law that gives CIMA the authority to take control of a licensee if it appears likely that the company will be unable to meet its obligations.

The controllers have all the powers needed to assume control of the affairs of the brokerage, including the power to terminate the securities investment business. They are also responsible for assessing the financial position of the company and will submit a report to CIMA.

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