Peanut the Squirrel Creator Takes Legal Action Against Binance Over Trademark Infringement
Mark Longo, creator of Peanut the Squirrel, has sent a cease-and-desist letter to Binance, accusing the exchange of trademark infringement over its PNUT-themed memecoin.
Longo claims Binance used his “Peanut the Squirrel” brand and mascot without permission to promote the cryptocurrency, which he has owned since 2017 for educational and animal welfare purposes.
The letter demands Binance halt use of the PNUT marks and mascot, warning of penalties up to $150,000 per infringement. This case underscores the challenges of protecting intellectual property in the memecoin market. Legal experts suggest it could set an important precedent for crypto-related IP rights.
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Longo’s team claims Binance’s use of the PNUT branding, including the mascot image, creates confusion and implies an endorsement. The letter cites violations of the U.S. Copyright Act. The issue gained attention after the viral success of the PNUT memecoin, which saw significant market growth in late October.
Longo is demanding that Binance cease all infringing activities by December 31 and provide written confirmation. If the exchange fails to comply, Longo may pursue further legal action. The situation could escalate as exchanges like Coinbase and Kraken are considering listing PNUT.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
