The Nigerian Securities and Exchange Commission (SEC) has issued a serious warning to the public regarding a cryptocurrency known as Punisher Coin, also identified by its symbol $PUN.
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The Commission has labeled the digital asset as unauthorised, unregistered, and potentially fraudulent, urging Nigerians to stay away.
According to a report by Daily Trust, the SEC responded to rising online promotions about Punisher Coin, particularly flagging its ongoing presale campaign.
The agency emphasized that the coin and its promoters are not licensed to operate or solicit investments within Nigeria’s capital market space.
“Our attention has been drawn to online promotions of an unauthorised presale for a cryptocurrency called Punisher Coin, also known as $PUN,” the SEC stated in a public release.
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The agency cited misleading articles like “Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink”, warning they could deceive unsuspecting investors.
The SEC clarified that Punisher Coin is likely a “meme token” with no underlying value or technical utility. Such tokens often gain popularity through social media trends and aggressive marketing, making them susceptible to pump-and-dump schemes. These schemes involve boosting a coin’s price through hype and misinformation, only for early investors or creators to cash out, leaving new investors with devastating losses.
“These types of coins typically derive their value from internet hype,” the statement continued. “They are highly volatile and risky, often promoted without transparency or substance.”
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The Commission advised Nigerians to thoroughly verify the registration status of any investment or digital asset before committing their money. It also reaffirmed its commitment to protecting Nigerian investors from crypto-related fraud and illegal operators exploiting regulatory gaps.
This latest warning comes amid a global wave of regulatory crackdowns on high-risk crypto assets and unlicensed platforms, particularly in developing economies where digital literacy remains a challenge.
As cryptocurrency continues to attract attention in Nigeria, the SEC is tightening its oversight to prevent financial losses, especially among first-time investors lured by unrealistic promises.
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