ArbiSmart has been ordered to cease committing securities fraud in Italy.

As per an order published by CONSOB on April 30th, ArbiSmart has been found to be illegally offering investment services to Italian residents.

CONSOB began investigation ArbiSmart following a complaint from an Italian investor.

Citing Europe’s Markets in Crypto Assets Regulation law (MiCAR), CONSOB’s investigation into ArbiSmart reveals its business activities

can be traced back to the provision of services for crypto-assets pursuant to art. 3, par. 1, no. 16), of the MiCAR, as through said domains users are offered the possibility of opening an account/accessing a platform to issue purchase and/or sale orders relating to crypto-assets falling within the scope of application of the MiCAR.

CONSIDERING that the above-described operation is still ongoing and is aimed at the Italian investing public … the provision of services for crypto-assets is reserved to the authorised entities referred to in Article 59, paragraph 1, letters a) and b) of the MiCAR.

ArbiSmart is not registered to offer securities under MiCar, in Italy or anywhere else in Europe.

As a result, CONSOB has ordered ArbiSmart to

put an end to the violation of art. 59 of the MiCAR carried out through [its] website.

ArbiSmart is an MLM crypto Ponzi launched in mid 2019. The scheme is run through ArbiSmart OU, an Estonian shell company registered to Dmytro Averianov.

As of March 2025, SimilarWeb was only tracking ~12,000 monthly visits to ArbiSmart’s website (down 30% month on month).

Top sources of ArbiSmart website traffic are the US (28%), the UK (14%), France (11%), Pakistan (11%) and Germany (9%).