Mark Longo, the owner of Peanut the Squirrel, sent a cease-and-desist letter to Binance over intellectual property infringement.

Longo claimed that Binance used his “Peanut the Squirrel” trademark and mascot likeness without permission to promote the PNUT-themed memecoin.

Longo stated that he has been using the PNUT brand for educational and animal welfare initiatives since 2017. The letter demands that Binance immediately stop using the PNUT brand and mascot likeness, with a legal threat including penalties of up to $150,000 per infringement.

This case raises an important issue regarding intellectual property rights in the crypto space, where memecoins and viral branding blur legal boundaries.

Binance has not yet publicly responded to the allegations. Legal experts note that this case could set a precedent for intellectual property rights in the memecoin market.

Longo’s related tweet:

Mark Longo: My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals. This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated. $JFP – WE WILL GET JUSTICE

Details of Allegations

According to Longo’s legal team, the infringements include the unauthorized use of the terms “PEANUT THE SQUIRREL” and “PNUT,” as well as a specific copyrighted image of the squirrel mascot.

The letter claims that Binance’s PNUT-themed cryptocurrency and branding, which mirrors the mascot’s likeness, create confusion among consumers and imply a connection or endorsement not authorized by Longo.

The cease-and-desist letter states that Binance’s actions violate the United States Copyright Act and constitute the unlawful reproduction and display of the protected intellectual property.

PNUT Memecoin and Market Impact

Longo’s letter and public announcement coincided with the rapid rise of the PNUT memecoin, which gained popularity following a viral event at the end of October.

Despite the tragic nature of the story behind the memecoin, the event led to the sudden appearance of multiple versions of Peanut the Squirrel-themed memecoins in the crypto market.

Two Peanut-themed memecoins made it into the top 10 tokens on Dexscreener’s 24-hour charts, while the PNUT token reached a market capitalization of up to $2.25 billion on November 14.

Next Steps and Legal Implications

The public cease-and-desist letter demands that Binance end all infringing activities by December 31 and provide written confirmation of compliance.

If the crypto exchange fails to adhere to Longo’s legal demands, the creator of Peanut the Squirrel could seek injunctive relief, damages, and coverage of attorney fees in a U.S. court.

Major exchanges, including Coinbase and Kraken, are reportedly considering listing PNUT, which could escalate the issue further.

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