By Olatunbosun Obafemi
The Securities and Exchange Commission (SEC) of Nigeria has issued a public alert cautioning Nigerians against investing in Punisher Coin ($PUN), a cryptocurrency currently circulating online but not authorized for use in the country.
In a notice on its website, the SEC clarified that neither the promoters nor the coin itself are registered or approved to operate within Nigeria’s capital market. Preliminary findings indicate that $PUN is a meme coin, a type of digital asset that generally lacks intrinsic value or a legitimate use case.
The commission warned that meme coins like $PUN are often tied to pump-and-dump schemes, where false hype is used to inflate the coin’s value before promoters sell off their holdings at a profit, leaving investors with losses once prices crash.
“The commission hereby informs the public that the promoters or issuers of ‘Punisher Coin’ aka ‘$PUN’ are not registered to operate in any capacity in the Nigerian Capital Market,” the statement read.
Nigerians are urged to steer clear of any presale offers related to Punisher Coin and to always verify the legitimacy of digital asset investments and platforms using the SEC’s official verification portal.
