The Securities and Exchange Commission (SEC) has issued a public warning against investing in Punisher Coin, also known as Spun, describing it as a high-risk and unregulated digital asset.
In a notice released on Saturday, the Commission said preliminary investigations revealed that Spun is a meme coin with no intrinsic value, underlying project, or regulatory approval.
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The SEC confirmed that the coin’s promoters are not registered to operate within Nigeria’s capital market, and any presale linked to the token is unauthorised.
It also warned that meme coins like Spun are often driven by hype and community speculation, leaving investors vulnerable to pump-and-dump schemes.
Nigerians were urged to verify the legitimacy of any digital asset or trading platform via the SEC’s official portal before making financial commitments.
The alert follows rising concerns about crypto-related fraud in the country.
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