The Securities and Exchange Commission (SEC) of Nigeria has issued a strong warning to the public against investing in a controversial cryptocurrency known as Punisher Coin, also identified by the trading symbol $PUN.

In a statement released on Sunday in Lagos, the SEC labeled the Punisher Coin presale as unauthorised, lacking proper regulatory approval, and closely resembling a Ponzi scheme.

NAIJABLOGDAILY.COM

• The Commission emphasized that the promoters of Punisher Coin are not registered to operate within Nigeria’s capital market or any legally recognized financial investment space.

• “Our attention has been drawn to online promotions of an unauthorized presale for a cryptocurrency called Punisher Coin, also known as $PUN,” the SEC stated.

• The warning was triggered by widespread online hype, including an article by Daily Trust E-Paper titled: “Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink.”

The SEC clarified that Punisher Coin ($PUN) and its developers have not received any approval to promote, sell, or solicit funds from Nigerian investors.

According to the SEC’s findings, $PUN is a meme coin — a type of cryptocurrency that typically lacks any real-world use, underlying technology, or sustainable project backing. These kinds of coins are often driven by social media hype, making them highly volatile and prone to pump-and-dump schemes.

In such fraudulent schemes, coin creators generate buzz to inflate the price and sell their holdings at the peak. Once they exit, the coin crashes, leaving other investors with huge losses.

The Commission warned that Punisher Coin’s value is based on hype and market manipulation, not legitimate investment fundamentals. The price is often influenced by misleading claims rather than actual utility or adoption.

Public Investment Warning

Nigerians are strongly advised to avoid investing in Punisher Coin or participating in its presale. Any financial commitment to such unregulated digital assets is at the investor’s own risk.

HEED: Follow us on Instagram or any other social media platform and get the most reliable news directly in your favourite app!

Before investing in any cryptocurrency in Nigeria, always verify the legitimacy of the coin, its promoters, and the trading platforms through the SEC’s official verification portal:

🔗 Check Registered Fintech Operators – SEC Nigeria

Stay informed, stay safe, and protect your hard-earned money from crypto scams and unauthorized digital investments.

NaijaBlogDaily# is visible on all social media platforms, and we bring you the latest Nigerian news on politics and economy, entertainment, and celebrity updates, including sports across Nigeria and beyond…

Keep visiting and following up with us on any social media platform you are using to keep you updated 💯
Remember (information brings knowledge and power).
STAY TUNED!!!