 is not approved by the Commission for public issuance, and the individuals or entities behind the coin are not){kind=link}
PUNISHER COIN (SPUN) is not approved by the Commission for public issuance, and the individuals or entities behind the coin are not licensed to operate within the Nigerian capital market
The Securities and Exchange Commission (SEC) has issued a strong warning to the Nigerian public against participating in the ongoing promotion and presale of a new meme coin known as ‘Punisher Coin’, also referred to by its ticker symbol SPUN.
In an official public notice released yesterday, the regulatory body flagged the digital asset as illegal, unauthorized, and unregulated within Nigeria’s capital market.
According to the SEC, the promoters and issuers of Punisher Coin are not registered with the Commission to operate in any capacity within the country’s financial ecosystem. Furthermore, the coin itself has not received regulatory approval for issuance to the general public.
“PUNISHER COIN (SPUN) is not approved by the Commission for public issuance, and the individuals or entities behind the coin are not licensed to operate within the Nigerian capital market,” the SEC stated.
The Commission’s preliminary investigation reveals that SPUN is a meme coin—a type of cryptocurrency that typically has no inherent use case, project utility, or real economic value.
Such digital assets are often driven solely by community sentiment or online hype, which makes them highly vulnerable to fraudulent schemes, particularly “pump and dump” tactics.
Explaining further, the SEC noted, “Meme coins generally have no use case, intrinsic value, or tangible project backing them. Any attributed value is often the result of promotional hype or community activity, both of which are easily manipulated.”
The commission detailed the high-risk nature of meme coins like SPUN by referencing the common “pump and dump” scheme—a fraudulent practice where promoters create a buzz around a coin to artificially inflate its value. Once prices surge due to mass buying, the promoters sell off their holdings at the peak (the “dump”), leaving retail investors holding worthless or devalued tokens.
“Once promoters exit and stop hyping the coin, the price usually crashes—causing unsuspecting investors to suffer significant losses,” the notice emphasized.
In its continued efforts to protect investors, the SEC strongly advised the public to refrain from engaging in the presale or trading of Punisher Coin (SPUN). The commission reiterated that anyone investing in unregistered digital assets does so at their own risk.
The SEC also encouraged potential investors to carry out proper due diligence, specifically urging them to: Verify the registration status of any digital asset or its promoters.; Check the licensing of trading platforms through the official SEC verification portal.
With the passage of the Investment and Securities Act 2025, the SEC now officially oversees the regulation of digital and virtual assets within Nigeria. Under this new legal framework, all virtual asset service providers (VASPs) and digital asset exchanges must be registered with the Commission before conducting any operations involving Nigerian investors.
“Investors are reminded that, under the new law, digital assets fall within the regulatory jurisdiction of the SEC. Unregistered offerings or trading schemes are in clear violation of Nigeria’s securities regulations,” the Commission concluded.