The Securities and Exchange Commission (SEC) has urged Nigerians to avoid investing in an unregistered cryptocurrency known as Punisher Coin, or $PUN.
In a public notice on its official website, the SEC stated that Punisher Coin remains unregistered in Nigeria, despite being heavily promoted on various online platforms.
“The Commission hereby informs the public that the promoters or issuers of Punisher Coin, also known as $PUN, are not authorised to operate in any capacity within the Nigerian capital market. Furthermore, the Commission has not approved Punisher Coin for public issuance,” the SEC explained.
Preliminary findings by the Commission identified Punisher Coin as a meme coin. These types of cryptocurrencies generally lack utility, intrinsic value, or any credible projects supporting them. Their perceived worth typically hinges on promoter hype or community-driven interest, both of which often lead to pump-and-dump schemes. Such schemes involve artificially inflating the price through misleading promotion, followed by the promoters offloading their holdings at peak prices. Once they exit, the coin’s value usually collapses, leaving investors with substantial losses.
Consequently, the SEC advised the public to avoid participating in the supposed presale of Punisher Coin, warning that anyone who invests does so entirely at their own risk.
The Commission also reminded investors to verify the legitimacy of any cryptocurrency, digital asset, or its promoters and trading platforms through the SEC’s official portal:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
By exercising due diligence, the public can better protect themselves from fraudulent schemes and unregulated ventures.