SEC warns Nigerians against investing in unauthorised cryptocurrency, punisher coin ($PUN)

The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in Punisher Coin ($PUN), an unauthorised cryptocurrency that lacked registration and approval for public issuance in Nigeria.

In a public notice published on its website, the Commission noted that Punisher Coin is currently not registered in Nigeria despite being advertised through various online platforms.

Despite being advertised on various online platforms, the Commission emphasised that $PUN’s promoters were not registered to operate in the Nigerian capital market.

“The Commission hereby informs the public that the promoters or issuers of “Punisher Coin” aka “$PUN” are not registered to operate in any capacity in the Nigerian Capital Market, and also Punisher Coin ($PUN) is not approved by the Commission for issuance to the public,” SEC noted in the statement.

Punisher Coin ($PUN) is not registered or approved by the SEC for issuance to the public.

Preliminary investigations revealed that $PUN is a meme coin, typically lacking tangible utility, intrinsic value, or supporting projects.

 Meme coins like $PUN are prone to market manipulation, where promoters artificially inflate prices before selling off their holdings, leaving retail investors with significant losses.

The SEC advised the public to exercise caution and refrain from engaging in the purported presale of Punisher Coin ($PUN), emphasising that investors do so at their own risk.

To avoid potential pitfalls, the Commission recommended verifying the authenticity and registration status of crypto assets, promoters, and trading platforms via their dedicated portal: (link unavailable).

This warning is part of the SEC’s broader efforts to safeguard investors from fraudulent and unregulated investment opportunities in Nigeria’s digital asset space.

The Commission urges celebrities and influencers to exercise caution when promoting digital assets, citing the provisions of the Investments and Securities Act 2025.