The Securities and Exchange Commission has warned Nigerians to avoid investing in a cryptocurrency known as Punisher Coin, also called $PUN.
In a public notice shared on its website, the SEC said the coin is not approved or registered in Nigeria and has no legal backing in the country’s capital market.
“The Commission hereby informs the public that the promoters or issuers of ‘Punisher Coin’ aka ‘$PUN’ are not registered to operate in any capacity in the Nigerian Capital Market,” the statement read.
The Commission added that its investigation showed \$PUN is a “meme coin.” Meme coins are often created for fun or hype and usually have no real value, purpose, or project behind them.
“Meme coins generally have no use case, intrinsic value, or tangible projects backing them. Any value is often linked to hype or the actions of promoters,” the SEC explained.
The Commission also warned that meme coins can be used in “pump-and-dump” scams. This happens when promoters hype the coin to raise its price, then suddenly sell off their own shares for profit. After that, the price drops quickly, and ordinary investors are left with losses.
“Any person who invests in the scheme does so at his or her own risk,” the Commission stated.
The SEC urged Nigerians to always check the status of any digital or crypto asset before investing. It advised the public to visit its official Fintech registration portal to confirm if a crypto project is approved.
The portal can be found at: [https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/](https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/)
This warning comes as more Nigerians turn to online investments in search of profits, sometimes falling victim to fraud.
The SEC reminded the public to be cautious and to avoid being misled by online promotions or promises of quick returns.
