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| Security and Exchange Commission |
The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians about Punisher Coin ($PUN), an unregistered cryptocurrency being promoted in unauthorized presales.
In an official statement released in Lagos, SEC confirmed that $PUN lacks regulatory approval and operates suspiciously like a Ponzi scheme. The promoters of this meme coin are not licensed to solicit investments in Nigeria’s capital market.
No Regulatory Approval: SEC confirms $PUN is not registered for trading or investment in Nigeria.
Meme Coin Risks: Unlike legitimate cryptocurrencies, Punisher Coin has no real utility or technical foundation its value relies purely on hype.
"Pump & Dump" Scam: Promoters artificially inflate the price before dumping their holdings, leaving investors with worthless coins.
False Promotions: Daily Trust E-Paper’s misleading article, "Cryptos to Buy: Why Punisher Coin Could Join Avalanche and Chainlink," falsely boosted its credibility.
The Commission urges Nigerians to avoid Punisher Coin presales, as investments are highly risky and unprotected. Before investing in any digital asset, verify its legitimacy via SEC’s official channels.
Always check SEC’s approved list.before investing in crypto. Don’t fall for scamstick to regulated investments.