The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in an unregistered cryptocurrency known as Punisher Coin, or $PUN.
In a public notice published on its official website, the SEC stated that the promoters of $PUN are not registered to operate in any capacity within the Nigerian capital market. The Commission also clarified that $PUN has not been approved for public issuance.
“Punisher Coin, also known as $PUN, is not registered or approved by the Commission, and its promoters are operating outside the legal framework governing Nigeria’s capital markets,” the statement read.
Preliminary investigations by the SEC revealed that $PUN is a meme coin, a type of cryptocurrency typically lacking intrinsic value, utility, or a tangible project. The Commission warned that meme coins are often driven by hype and are prone to pump-and-dump schemes, where early promoters profit at the expense of unsuspecting investors once the coin’s price crashes.
The SEC strongly advised the public to avoid participating in the purported presale of $PUN, warning that anyone who does so does so at their own risk.
Investors were also urged to verify the registration status of digital assets and their promoters via the SEC’s FinTech portal: https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/ before committing to any virtual asset investment.
