Business
SEC Warns Crypto Traders Against $PUN
By Benjamin Abioye

SEC has warned Nigerians to avoid investing in unregistered meme coin $PUN, calling it risky and linked to possible scams.
The Securities and Exchange Commission (SEC) has warned Nigerians against investing in a cryptocurrency called Punisher Coin, also known as $PUN.
The SEC said that this coin is being sold without approval and is not registered to operate in Nigeria.
In a statement, the SEC said, “The promoters or issuers of ‘Punisher Coin’ aka ‘\$PUN’ are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market.” This means \$PUN is not officially recognized or allowed for public trading in the country.
The SEC explained that \$PUN is a type of meme coin. Meme coins usually have no real value or useful purpose. Their price mostly depends on social media hype and promotions. The SEC warned that coins like \$PUN are often part of pump and dump schemes. This means promoters raise the price by making false claims and then sell their coins when prices are high. This leaves ordinary investors with losses when the price crashes.
“Any person who invests in the scheme does so at his/her own risk,” the SEC said clearly.
The SEC’s warning is part of its work to protect investors from scams and unregulated investments in the growing digital currency market. The commission told people to check if any crypto investment is registered with them before investing.
Recently, the SEC’s Director-General, Emomotimi Agama, also warned Nigerian celebrities to stop promoting meme coins that are not authorized. He mentioned the Investments and Securities Act 2025, which sets rules for digital currencies and requires them to be registered. Agama said this law helps the SEC stop illegal activities like Ponzi schemes and pump and dump scams, making investments safer.
He said, “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 SEC had earlier warned about risks in meme coins, including some linked to famous Nigerian singer Davido. The agency continues to urge Nigerians to be careful with digital currencies and only invest in approved platforms.
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