SEC Alerts Nigerians to New Meme Coin, Flags it as Illegal, Releases Link to Check Authenticity
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Securities and Exchange Commission (SEC) has alerted Nigerians about a new meme coin, PUNISHER COIN, or SPUN, flagging it as illegal and not approved for issuance to the public.
The commission disclosed in a public notice on Saturday, June 7, 2025, that the promoters or issuers of the coin are not cleared to operate in any capacity in Nigeria’s capital market and that PUNISHER COIN is not approved by the SEC for public issuance.
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According to reports, the SEC disclosed that its preliminary findings have shown that the crypto is a meme coin.
“Meme coins generally have no use case, intrinsic value or tangible projects backing them. Any attributed value to meme coin is usually linked to its promoters or the community effort which more often than not are susceptible to pump-and-dump schemes (a form of fraudulent activity that involves promoters spreading false or misleading information to create a buying frenzy that “pumps” up the price of a “coin’ and then “dumps” the coin by selling their coins at the inflated price,” the SEC said.
SEC revealed that immediately after the promoters dump their coins and stop promoting them, the price typically drops, and investors lose money.
The SEC asked the public to desist from engaging in the coin’s presale, as any person who invests in the scheme is doing so at their peril.
The commission asked Nigerians to always verify crypto/virtual or digital assets, the registration status of their promoters and trading platforms through: https://home.sec.gov.ng/fintech-and innovation-hub-finpert/registered-fintech-operators/
The SEC disclosed that under the new Investment and Securities Act 2025, digital assets are now official under the commission’s regulatory oversight, requiring virtual asset service providers and digital asset exchanges to register with the SEC.
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The commission has increased its enforcement actions, publicly alerting Nigerians and calling out companies operating without proper approvals.
The move aligns with the SEC’s larger mandate to protect investors, ensure financial transparency, and uphold the integrity of the capital market.
Legit.ng earlier reported that the commission warned Nigerians in May 2025, against Property World Africa Network (PWAN) and Silverkuun Investment Cooperative Society.
The SEC described PWAN MAX’s investment drive and solicitation as illegal and potentially fraudulent.
The capital market regulator disclosed in a statement, saying that PWAN and PWAN MAX are unregistered with the commission and lack the legal right to solicit funds from the public or operate in any capacity in the Nigerian capital market.
According to a statement released by the Commission, PWAN and PWAN MAX are not registered with the SEC and therefore lack the legal authority to collect funds from the public or operate in any capacity within the Nigerian capital market.
Legit.ng earlier reported that the SEC has warned the public regarding investment activities with RiseVest Technologies Limited.
In an official statement released on its Website, the SEC cautioned Nigerians against engaging in any form of investment with RiseVest Technologies Limited relating to the Nigerian capital market.
According to the SEC, RiseVest Technologies Limited has not been registered or authorised to operate in any capacity in the Nigerian Capital Market.
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Source: Legit.ng
