Nigerians have been warned against investing in PUNISHER COIN, a new digital asset the SEC has declared illegal and unauthorized.
The commission says the meme coin lacks real value and poses serious risks to unsuspecting investors.
The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians regarding a new digital asset known as PUNISHER COIN (SPUN), branding it illegal and unauthorized for public sale in Nigeria. The commission made this announcement in a public notice released on Saturday, June 7, 2025, emphasizing that the coin’s promoters are not registered or licensed to operate within the Nigerian capital market.
According to the SEC, preliminary investigations reveal that PUNISHER COIN is a typical meme coin, a type of cryptocurrency that often lacks intrinsic value, utility, or any tangible project backing. The commission explained that such coins are usually driven by hype and community speculation, making them vulnerable to pump-and-dump schemes, where early promoters artificially inflate the value of a token only to sell off at the peak, leaving unsuspecting investors with losses once prices crash.
“Meme coins generally have no real-world utility or underlying value. Their price is often manipulated by misleading promotions and community frenzy. Once promoters abandon the coin, its price tends to collapse,” the SEC stated.
In light of these findings, the commission has urged Nigerians to immediately desist from participating in the ongoing presale of the coin. “Anyone who chooses to invest in this project does so at their own risk,” the notice added.
Furthermore, the SEC advised the public to verify the legitimacy of any digital asset, virtual currency, or crypto trading platform by checking the list of registered fintech operators available on its official website.
Under Nigeria’s newly enacted Investment and Securities Act of 2025, all virtual asset service providers, including crypto exchanges and token issuers, must be duly registered with the SEC to operate legally. This regulatory oversight aims to protect investors from fraudulent schemes and ensure transparency in digital financial markets.
This latest warning forms part of the SEC’s broader crackdown on unauthorized financial operations. In May 2025, the commission also flagged PWAN MAX and Silverkuun Investment Cooperative Society, declaring their investment activities illegal and deceptive.
The SEC has reaffirmed its commitment to safeguarding the interests of investors, calling on the public to remain vigilant and steer clear of suspicious or unregistered investment opportunities.
