SEC Warns Against Unauthorized Digital Asset

The Securities and Exchange Commission (SEC) has issued a warning to Nigerians about the unauthorized presale of Punisher Coin, also known as $PUN, a digital asset being promoted on several online platforms.

The SEC emphasizes that $PUN is not registered or approved for public offering in Nigeria.

The Commission’s preliminary findings indicate that $PUN falls into the category of meme coins, which are digital tokens that often lack intrinsic value, practical utility, or an underlying project.

These coins typically gain traction through social media hype and online promotions, making them vulnerable to manipulation.

The SEC raises concerns that meme coins like $PUN are commonly linked to pump-and-dump schemes, which involve artificially inflating the asset’s value through false or misleading promotions.

The Commission warns that such schemes can result in significant financial losses for investors.

The SEC reiterates that the promoters or issuers of $PUN are not registered to operate in any capacity in the Nigerian capital market.

The Commission urges Nigerians to exercise caution when dealing with digital assets and to verify the registration status of any investment opportunity before investing.