The Securities and Exchange Commission (SEC) has issued a warning to Nigerians about investing in the cryptocurrency known as Punisher Coin, or $PUN, due to its unauthorized presale and lack of regulatory approval.
In a public notice published on its website on June 7, 2025, the SEC stated that the promoters or issuers of \$PUN are not registered to operate in any capacity within the Nigerian capital market.
According to the Commission’s preliminary investigations, Punisher Coin falls under the category of “meme coins,” digital assets typically characterized by the absence of tangible utility or underlying projects.
The SEC highlighted that the value of such coins is often driven by hype and social media buzz, making them vulnerable to market manipulation through schemes commonly known as pump and the SEC explained that these schemes involve promoters inflating the price of the coin through misleading claims, only to sell their holdings at the peak, leaving other investors exposed to significant losses when the hype fade dump.
The Commission therefore cautioned that “any person who invests in the scheme does so at his/her own risk.”
This advisory is part of the SEC’s broader effort to protect investors from fraudulent and unregulated digital asset schemes in Nigeria’s growing crypto market. The Commission urged the public to verify the registration status of any investment opportunity, particularly those involving cryptocurrencies, through official SEC channels.
The warning comes amid increasing concerns about the rise of dubious digital currencies operating outside Nigeria’s regulatory framework.
The SEC’s Director-General, Emomotimi Agama, recently addressed Nigerian celebrities, warning them against promoting unauthorized meme coins.
He referred to the Investments and Securities Act 2025, signed into law by President Bola Tinubu, which sets clear regulations for digital asset platforms, including mandatory registration aimed at enhancing transparency and investor protection.
Agama stressed the need for caution, especially among influencers, saying, “It is important that even for celebrities, we must be cautious about what we do. Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians is not going to be tolerated.”
The Commission has previously issued cautionary statements regarding the risks associated with meme coins, including those linked to prominent figures such as Afrobeat artist David Adeleke, popularly known as Davido.
The SEC continues to emphasize its commitment to enforcing regulations designed to safeguard investors and maintain integrity in Nigeria’s financial markets.
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