By 
Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC), has issued a strong warning to the public against investing in the cryptocurrency known as Punisher Coin, also referred to by its ticker symbol $PUN.
In an official statement released on Monday, the SEC clarified that neither the promoters of Punisher Coin nor the asset itself is registered or authorized to operate within Nigeria’s capital market. The Commission described ongoing activities promoting the coin as unauthorized and illegal, particularly the public presale currently being advertised across various online platforms.
Unauthorized Promotion and Regulatory Breach
The SEC expressed deep concern over media reports and digital advertisements promoting the coin as a promising investment. One such report, titled “Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink as a Top Investment Pick”, was cited by the Commission as misleading and dangerous to uninformed investors.
“Neither Punisher Coin ($PUN) nor its promoters have been vetted or registered by the Commission to promote, launch, sell, trade, or solicit investments from the Nigerian public,” the SEC stated.
A Meme Coin With No Intrinsic Value
Based on preliminary findings, the Commission categorized Punisher Coin as a meme coin—a type of digital asset generally lacking intrinsic value, utility, or a tangible project backing it.
“Further investigations show that $PUN has no real use case or underlying project. Its value is mostly driven by social media hype and community sentiment, making it highly susceptible to speculative bubbles and manipulative practices,” the SEC noted.
Such digital assets are often vulnerable to “pump and dump” schemes, where promoters artificially inflate prices through misleading information, only to sell off their holdings at peak value—leaving everyday investors with steep losses once the hype subsides.
Public Caution and Due Diligence Urged
The SEC emphasized that the risks associated with investing in Punisher Coin are significant, and warned the public that any participation in its presale is entirely at the investor’s own risk.
“The public is strongly cautioned against participating in the presale of Punisher Coin ($PUN),” the Commission reiterated. “Such investments are unregulated, and the Commission disclaims any liability for financial losses incurred from involvement in these schemes.”
In conclusion, the SEC urged investors to verify the legitimacy of any crypto or digital asset investment—including the registration status of both the asset and its promoters—through the Commission’s official verification portal.
Key Takeaway
This latest warning from the SEC underscores the regulator’s ongoing efforts to curb fraudulent crypto schemes and protect Nigerian investors from emerging digital asset risks. As the crypto space continues to evolve, the Commission has reiterated its commitment to enforcing market discipline and ensuring investor safety through robust oversight and public awareness.
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