ECONOMY
SEC Declares PUNISHER COIN Illegal, Warns Public Against Risky Meme Coin Investment

The Securities and Exchange Commission (SEC) has declared a new meme coin, ‘PUNISHER COIN’ (also known as ‘SPUN’), illegal and not approved for public issuance in Nigeria. In a public notice released on Saturday, the commission warned that neither the promoters nor issuers of the coin are registered to operate in the nation’s capital market.
According to the SEC, preliminary investigations show that PUNISHER COIN is a meme coin—an asset category often lacking any real-world use case, intrinsic value, or legitimate project backing. The commission explained that such coins derive their value mainly from online hype or promoter-driven campaigns, which are frequently used to manipulate prices in pump-and-dump schemes.
Pump-and-dump schemes involve artificially inflating the value of an asset through misleading publicity before the promoters sell off their holdings at a high price, leaving unsuspecting investors to bear the loss when prices crash. “Once the promoters dump their coins and stop hyping the coin, the price typically falls, and investors lose money,” the commission warned.
The SEC strongly advised the public to steer clear of the ongoing presale of PUNISHER COIN, stressing that anyone who chooses to invest is doing so at their own risk. It further urged investors to verify the legitimacy of any digital asset, its promoters, and the trading platforms involved by consulting its official portal.
Under the new Investment and Securities Act 2025, digital assets now fall fully within the SEC’s regulatory oversight. This means all virtual asset service providers and digital asset exchanges must be registered with the commission before offering services to the public.
The warning against PUNISHER COIN is part of the SEC’s increased efforts to clamp down on unregulated financial activities in the digital space. In recent months, the commission has intensified enforcement actions, targeting companies that operate without proper registration or approval. This move supports its broader mission to protect investors, ensure transparency, and maintain integrity across Nigeria’s capital markets.
In May, the SEC also issued a public warning against Property World Africa Network (PWAN), its platform PWAN MAX, and Silverkuun Investment Cooperative Society for similar regulatory violations.
Discover more from Naijanewstoday
Subscribe to get the latest posts sent to your email.
-
NEWS5 days ago
FG Cuts Dialysis Cost In Federal Hospitals From ₦50,000 To ₦12,000
-
NEWS3 days ago
Ebonyi Man Plans Lagos-Abakaliki Trek to Honour Gov. Nwifuru’s Peace Efforts
-
POLITICS6 days ago
Peter Obi Tells Nigerians: Get Your PVC, Reject Criminals in Disguise
-
NEWS5 days ago
Ebonyi Coordinator Distributes Motorcycles, Lauds Governor’s Grassroots Development Agenda
-
ENTERTAINMENT6 days ago
Jim Iyke Says Single Mothers Cannot Raise Boys Into “Proper Men”
-
FACT-CHECKS/INVESTIGATION7 days ago
EFCC Recovers N5bn, $10m in Refinery Maintenance Fraud
-
NEWS5 days ago
FCT Minister Denies Awarding N5 Billion Contract to Local Contractors
-
NEWS5 days ago
Lagos State Declares August 20 Work-Free for Public Servants for Isese Day
-
SPORTS5 days ago
Tinubu Arrives in Japan to Boost Bilateral Ties
-
INSIDE NYSC7 days ago
NYSC Lagos Holds Cultural Carnival to Celebrate Unity in Diversity
-
NEWS4 days ago
Wike Says Amaechi’s 2027 Presidential Ambition Is Dead on Arrival
-
ENTERTAINMENT5 days ago
VeryDarkMan Leads Protest In Auchi, Blocks Dangote Trucks Over Victims’ Compensation