FNG Exclusive… FNG has learned that Doto, a relatively new entrant in the Retail FX and CFDs brokerage business, has made some changes which include the departure of CEO Demetrios Zamboglou and the addition of a new CEO from outside “the industry”, Victor Zimarev.
The company has also stopped taking on new clients in its EU-facing CySEC licensed entity, Doto Europe Ltd. The “Open Account” function on the company’s doto.eu website now shows a message stating “The company currently is not onboarding new clients.”
As we reported in late 2022, Doto hired former CFI Financial Group COO Demetrios Zamboglou as its CEO. The company also added former FXOpen Executive Director Maria Markidou to its Cyprus based management team.
Well it seems as if Mr. Zamboglou’s tenure did not last long, as Doto has brought on board Victor Zimarev as the company’s new CEO. Victor Zimarev served as CEO of fintech-focused marketing agency DataDuck before joining Doto. (Demetrios Zamboglou’s LinkedIn profile now shows his status as “Pivoting”).
Doto, an app-focused broker, was first established in 2019 and received a CySEC CIF license in 2021 (initially as Vasby Capital Markets Limited). The company is ultimately controlled by Cyprus based entrepreneur Timur Nemishov. Doto focuses mainly on clients in Far East markets including Vietnam, Thailand and Malaysia. In addition to its Cyprus entity, Doto operates offshore brokerage operations domiciled in Seychelles and Mauritius, and a licensed subsidiary in South Africa.
