Nigeria’s SEC cautions investors to avoid Punisher Coin ($PUN), calling it an unregistered meme coin with no intrinsic value.
The Securities and Exchange Commission (SEC) of Nigeria has issued a strong warning to the public regarding Punisher Coin ($PUN)—a meme coin currently being promoted online but not registered or approved for public investment in Nigeria.
“Promoters or issuers of $PUN are not registered to operate in any capacity in the Nigerian Capital Market,” the SEC declared.
Why the Red Flag?
According to the SEC’s preliminary investigation:
1. $PUN is a meme coin with no intrinsic value, use case, or tangible project backing it.
2. Its price and popularity rely solely on hype generated by promoters and online communities.
3. The coin is highly susceptible to pump-and-dump schemes, where insiders profit while retail investors lose big.
These schemes work by:
1. Spreading hype to inflate the coin’s price (“pump”),
2. Then selling off large holdings at the peak,
3. Causing the price to crash (“dump”), leaving unsuspecting buyers with worthless tokens.
SEC’s Advice to Nigerians
The SEC urges:
√ Do not participate in the ongoing presale of Punisher Coin ($PUN).
√ Always verify any crypto asset, promoter, or platform via the SEC’s dedicated registration portal.
√ Be especially cautious with meme coins and digital assets that lack utility or transparency.
“Anyone who invests in Punisher Coin does so at their own risk,” the notice warned.
This move reinforces the SEC’s ongoing crackdown on unauthorized crypto schemes in Nigeria as the country continues to shape its digital asset regulatory landscape.
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