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Cryptocurrency exchange Binance faces a lawsuit from Mark Longo, the owner of the character known as “Peanut the Squirrel.” Longo claims that Binance has used his “PNUT” trademark and squirrel imagery without permission.
Binance Receives a Strong Legal Warning
Longo’s attorneys have given Binance a deadline to comply with legal demands by December 31. The cease and desist letter prepared by the law firm Barclay Damon LLP, representing Longo, emphasized that the unauthorized use of “Peanut the Squirrel” character and “PNUT” trademark could result in legal penalties.
The letter stated that unauthorized use of Longo’s copyrighted works could lead to damages of up to $150,000 per work under U.S. Copyright Law. Longo pointed out that Binance’s actions contradict his works and brand, causing misconceptions.
Trademark Rights and Copyright Protection
Longo’s drawings and stories are protected under copyright law in the United States. The names “PNUT THE SQUIRREL” and “PNUT” are also registered trademarks. Legal experts argue that Binance uses these assets for commercial gain.
The letter suggested that the unauthorized use of the drawings could create a perception among consumers that the brand is associated with Binance. According to lawyers, this situation constitutes a direct attack on Longo’s copyright and trademark rights.
Moreover, it has been alleged that Binance has long published “infringing trademarks” on its platform. Longo’s team stated that if the company does not rectify these practices, larger damage lawsuits may be forthcoming.
The PNUT Community Awaits Outcomes
This lawsuit is not Longo’s first fight over intellectual property rights. Last month, he threatened to sue users he accused of acting maliciously within the PNUT community. However, throughout this legal process, the response from Binance and the case’s developments are being closely monitored by the entire community.
Currently, the developments have no impact on PNUT’s market price. However, this conflict highlights the need for cryptocurrency companies to pay more attention to intellectual property rights.
