The Nigeria Securities and Exchange Commission (SEC) warned about the risks of investment in the Punisher Coin (pun) memcin, whose issuers were not registered in the Nigerian capital and did not receive permission from the regulator to work in the country.

The agency warned that the promoters of the Punisher Coin token illegally promote it on social networks and through various communication channels. SEC noted that Pun falls into the classification of memcoirs that do not bring practical benefits and do not have real value. The value of memcoirs depends on advertising campaigns, hype on social networks and marketing efforts. This creates conditions for market manipulations, said SEC.

The regulator emphasized that memcoirs, such as PUN, are often used in the fraudulent schemes of Pampa and Dumpa, when insiders intentionally overstate the prices of tokens with the help of target marketing and false promises, and then sell cryptoacets when their course reaches peak values. As a result, investors carry tremendous cash losses. Any person investing in such a token does this at his own peril and risk, the department warned.

SEC statements followed in connection with the distribution of dubious platforms for the trade in cryptocurrencies. Recently, the Chairman of the Nigerian SEC Emomotimi Agama criticized local celebrities working in the entertainment industry and supporting the use of memcoids. The promotion of unregistered tokens is violated by the law on investments and securities of 2025, which was recently adopted by President Bola Tinubu. According to this law, cryptocurrencies are classified as securities. Agama explained that this law introduces requirements for operations with digital assets, including mandatory registration in order to increase transaction transaction transparency.

Last year, the Nigerian regulator warned of the illegal cryptocurrency exchange of Marino FX LTD, which claimed that it received permission from the regulator to work in the Nigerian market.