FM Home
> Retail FX
> CySEC Fines Wonderinterest €100K, Operator of CFD Brokers Zetano and Investago

CySEC Fines Wonderinterest €100K, Operator of CFD Brokers Zetano and Investago

Wednesday, 17/12/2025 | 16:53 GMT by Tareq Sikder
  • The largest part of the fine, €50K, was imposed over “inadequate policies and unspecified target markets.”
  • The regulator recently added 21 unauthorized websites, some of which mimic brokers.
CySEC logo

The Cyprus Securities and Exchange Commission has fined Wonderinterest Trading Ltd €100,000 after identifying multiple breaches of investment services rules. The regulator said the violations occurred between 2022 and 2024 and related to the “firm’s conduct” as a Cyprus Investment Firm.

Wonderinterest Trading Ltd provides CFD trading services under its own Cyprus Investment Firm licence and through related brand names. The company offers CFDs on forex, shares, commodities, and indices, alongside physical shares. Its operations also include brands such as Zetano and Investago, which provide trading and execution services under the same regulatory framework.

CySEC Fines Wonderinterest Over Authorisation Failures

According to CySEC, the fine followed a review of the company’s compliance with the Investment Services and Activities and Regulated Markets Law. The regulator said the review identified failures connected to authorisation conditions, the treatment of clients, and marketing practices.

The largest part of the fine, €50,000, related to breaches of authorisation requirements. CySEC said the company “did not establish adequate policies and procedures” and “did not specify an identified target-market of end clients for each financial instrument.” It also said the firm failed to ensure that “all relevant risks to such identified target-market were assessed.”

Marketing And Conduct Breaches Cost The Firm

CySEC imposed a further €30,000 fine after concluding that the company “did not act honestly, fairly and professionally” when providing investment services to clients. An additional €20,000 penalty concerned marketing and client information. In this area, the regulator said the information provided was not “fair, clear and not misleading.”

In setting the total penalty, CySEC said it considered the importance of effective internal controls and the need to protect investors. The regulator added that client protection depends on providing information that allows informed decision-making and on distributing financial instruments to an appropriate target market following proper risk assessment.

Finance Magnates reached out to Wonderinterest for comment. As of publication, no response has been received.

Regulator Flags Potential Broker Clone Sites

Separately, CySEC added 21 websites to its list of unauthorized platforms offering investment services. Some domains appear to mimic regulated brokers. The regulator said these sites do not hold licenses required under Cypriot law and advised investors to verify licenses via its public register.

It also warned against fraudulent emails claiming to represent the commission and emphasized it does not request or accept payments from individuals.

The Cyprus Securities and Exchange Commission has fined Wonderinterest Trading Ltd €100,000 after identifying multiple breaches of investment services rules. The regulator said the violations occurred between 2022 and 2024 and related to the “firm’s conduct” as a Cyprus Investment Firm.

Wonderinterest Trading Ltd provides CFD trading services under its own Cyprus Investment Firm licence and through related brand names. The company offers CFDs on forex, shares, commodities, and indices, alongside physical shares. Its operations also include brands such as Zetano and Investago, which provide trading and execution services under the same regulatory framework.

CySEC Fines Wonderinterest Over Authorisation Failures

According to CySEC, the fine followed a review of the company’s compliance with the Investment Services and Activities and Regulated Markets Law. The regulator said the review identified failures connected to authorisation conditions, the treatment of clients, and marketing practices.

The largest part of the fine, €50,000, related to breaches of authorisation requirements. CySEC said the company “did not establish adequate policies and procedures” and “did not specify an identified target-market of end clients for each financial instrument.” It also said the firm failed to ensure that “all relevant risks to such identified target-market were assessed.”

Marketing And Conduct Breaches Cost The Firm

CySEC imposed a further €30,000 fine after concluding that the company “did not act honestly, fairly and professionally” when providing investment services to clients. An additional €20,000 penalty concerned marketing and client information. In this area, the regulator said the information provided was not “fair, clear and not misleading.”

In setting the total penalty, CySEC said it considered the importance of effective internal controls and the need to protect investors. The regulator added that client protection depends on providing information that allows informed decision-making and on distributing financial instruments to an appropriate target market following proper risk assessment.

Finance Magnates reached out to Wonderinterest for comment. As of publication, no response has been received.

Regulator Flags Potential Broker Clone Sites

Separately, CySEC added 21 websites to its list of unauthorized platforms offering investment services. Some domains appear to mimic regulated brokers. The regulator said these sites do not hold licenses required under Cypriot law and advised investors to verify licenses via its public register.

It also warned against fraudulent emails claiming to represent the commission and emphasized it does not request or accept payments from individuals.

Topics
retail
cysec
cif
retail FX
retail brokers
About the Author: Tareq Sikder
Tareq Sikder
  • 2017 Articles
  • 34 Followers
About the Author: Tareq Sikder
A Forex technical analyst and writer who has been engaged in financial writing for 12 years.
  • 2017 Articles
  • 34 Followers

Most Viewed

Latest News

Education Center

Keep Reading

Trending

More from the Author

Retail FX

Featured Videos

Executive Interview | Drew Niv | Chief Strategy Officer, ATFX Connect | FMLS:25

Executive Interview | Drew Niv | Chief Strategy Officer, ATFX Connect | FMLS:25

Executive Interview | Drew Niv | Chief Strategy Officer, ATFX Connect | FMLS:25

Executive Interview | Drew Niv | Chief Strategy Officer, ATFX Connect | FMLS:25

In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX. We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers. We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.

In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX. We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers. We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.

In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX. We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers. We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.

In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX. We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers. We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
More Videos

  • Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25

    Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25

    Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25

    Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25

    Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25

    Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25

    In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity. Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe. A concise look at where compliance, onboarding, and AI-driven processes are heading next.

    In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity. Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe. A concise look at where compliance, onboarding, and AI-driven processes are heading next.

    In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity. Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe. A concise look at where compliance, onboarding, and AI-driven processes are heading next.

    In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity. Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe. A concise look at where compliance, onboarding, and AI-driven processes are heading next.

    In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity. Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe. A concise look at where compliance, onboarding, and AI-driven processes are heading next.

    In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity. Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe. A concise look at where compliance, onboarding, and AI-driven processes are heading next.

  • Executive Interview | Aydin Bonabi | Founder, Surveill | FMLS:25

    Executive Interview | Aydin Bonabi | Founder, Surveill | FMLS:25

    Executive Interview | Aydin Bonabi | Founder, Surveill | FMLS:25

    Executive Interview | Aydin Bonabi | Founder, Surveill | FMLS:25

    Executive Interview | Aydin Bonabi | Founder, Surveill | FMLS:25

    Executive Interview | Aydin Bonabi | Founder, Surveill | FMLS:25

    In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions. We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection. We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight. He closes with a clear message: fraud is scaling, and so must the tools that stop it.

    In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions. We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection. We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight. He closes with a clear message: fraud is scaling, and so must the tools that stop it.

    In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions. We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection. We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight. He closes with a clear message: fraud is scaling, and so must the tools that stop it.

    In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions. We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection. We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight. He closes with a clear message: fraud is scaling, and so must the tools that stop it.

    In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions. We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection. We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight. He closes with a clear message: fraud is scaling, and so must the tools that stop it.

    In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions. We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection. We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight. He closes with a clear message: fraud is scaling, and so must the tools that stop it.

  • Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

    Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

    Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

    Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

    Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

    Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town

    Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

    Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

    Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

    Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

    Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

    Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/ #exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown

  • Executive Interview | Jas Shah | FMLS:25

    Executive Interview | Jas Shah | FMLS:25

    Executive Interview | Jas Shah | FMLS:25

    Executive Interview | Jas Shah | FMLS:25

    Executive Interview | Jas Shah | FMLS:25

    Executive Interview | Jas Shah | FMLS:25

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.

    Interview with Jas Shah Builder | Adviser | Fintech Writer | Product Strategist In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity. We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market. We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance. To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
See all videos
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}