The Securities and Exchange Commission (SEC) has raised concerns about Punisher Coin, a cryptocurrency that lacks regulatory approval in Nigeria. According to the SEC, the presale of Punisher Coin bears similarities to a Ponzi scheme.
The regulator noted that Punisher Coin’s promoters are not registered to operate in Nigeria’s capital market. “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
Punisher Coin is reportedly a ‘meme coin’ with no tangible utility or supporting project. The SEC warned that such coins are often vulnerable to ‘pump and dump’ schemes, which can lead to significant financial losses for investors.
The SEC urged Nigerians to exercise caution and verify the legitimacy of any digital asset before investing. “The public is therefore strongly warned against participating in the presale of Punisher Coin, as any investment is entirely at one’s own risk,” the regulator cautioned.
By warning investors about Punisher Coin, the SEC aims to protect them from potential financial risks associated with unregistered and unauthorised digital assets
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