- SEC warns Nigerians against investing in Punisher Coin ($PUN).
- Coin is unregistered and resembles a Ponzi scheme.
- Public urged to verify crypto investments via SEC portal.
Securities and Exchange Commission, SEC has warned Nigerians against investing in a cryptocurrency called Punisher Coin, also known by the symbol $PUN.
EKO HOT BLOG reports that the Commission in a statement on it’s official website, said the presale was unauthorised and lacked regulatory approval, resembling a Ponzi scheme.
EDITOR’S PICK
- Agrithon 2025: Lagos State Launches N150m Grant Initiative for Agripreneurs
- SWPRG Declares Support for Tinubu’s Re-election and Ambode’s Return
- Nigerian Air Force Personnel Dies While Serving Punishment
The statement stressed that the promoters of $PUN are not registered to operate in any capacity within Nigeria’s capital market.
SEC said, “The attention of the Securities and Exchange Commission (“The Commission”) has been drawn to several online publications advertising an unauthorised presale of Crypto coin termed “PUNISHER COIN” aka “$PUN”.
The Commission hereby informed 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 further clarified that Punisher Coin and its promoters are neither registered nor approved to promote, launch, trade, or solicit investment from the Nigerian public.
The statement on SEC’s official website read further, “Preliminary investigations revealed that PUNISHER COIN ($PUN) is a Meme coin. Meme coins generally have no use case, intrinsic value or tangible projects backing them. Any attributed value to meme coin is usually linked to its promoters or the community effort which most often than not are susceptible to pump and dump schemes (a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a ‘coin’ and then “dumps” the coin by selling their own coins at the inflated price. Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money).
“Accordingly, the public is advised to refrain from engaging in the purported presale of PUNISHER COIN ($PUN) as any person who invests in the scheme, does so at his/her own risk.”
The Commission, therefore urged investors to verify the legitimacy of any digital asset, its promoters, and platforms before committing funds.
FURTHER READING
- Why I Joined APC – Gov Eno
- Tinubu, Others Mourn ‘Gwo Gwo’ Crooner Ejeagha
- We Spent N577m To Deport 35 Nigerians – Irish Govt
Verification can be done via SEC’s official portal: https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
