Binance, the giant of cryptocurrency exchanges, is at the center of a legal controversy related to the PNUT token.
Mark Longo, owner of the mascot “Peanut the Squirrel”, has accused the company of using the trademark and image of his creation without authorization to promote the memecoin PNUT. The accusation raises questions about the respect for intellectual property in the bull and bear world of cryptocurrencies.
The accusations of Mark Longo against Binance for PNUT
Mark Longo, known for using the brand “Peanut the Squirrel” in educational projects and for animal welfare since 2017, has sent a cease and desist letter to Binance. In the document, he accuses the exchange of exploiting the name and image of the mascot without authorization. According to Longo, these actions constitute a violation of the registered trademark and an abuse of intellectual property rights.
Longo stated that the PNUT brand is closely tied to its non-profit activities and that the association with a cryptocurrency risks damaging the reputation of the original project. The complaint highlights how Binance used the brand and likeness of the mascot for marketing the PNUT token, creating confusion among users.
In the cease and desist letter, Longo asks Binance to immediately cease the use of the PNUT trademark and the image of Peanut the Squirrel. The request includes a warning about possible legal actions should Binance not comply with the demands. The penalties provided could reach up to 150,000 dollars for each confirmed violation.
Longo emphasizes that the brand “Peanut the Squirrel” represents a mascot known in the educational and animal rights sector, and its unauthorized use in a speculative context such as that of cryptocurrencies is unacceptable.
Furthermore, the accusation aims to protect consumers from potential misunderstandings, considering that many might mistakenly associate the memecoin with the charitable project.
Binance under the spotlight
This is not the first time that Binance is involved in legal controversies related to intellectual property. However, the PNUT case highlights a new front of tension, related to the unauthorized use of trademarks and images to promote crypto projects. With the growing popularity of memecoins, episodes of this type could become more and more frequent.
Binance has not yet released an official statement regarding Longo’s complaint. However, the case highlights a broader issue: the lack of clear regulation on trademark protection in the bull and bear cryptocurrency sector.
The creation and promotion of tokens often occur in a non-transparent context, making it difficult for brand holders to protect their rights.
If Binance does not respond positively to the cease and desist request, Longo could undertake formal legal action. In that case, the outcome of the process could establish a significant precedent for the bull and bear cryptocurrency sector.
A favorable ruling for Longo could strengthen the protection of trademarks and intellectual property rights in a market still lacking specific regulations.
Conclusions
The case between Mark Longo and Binance highlights the importance of an ethical and legal use of intellectual property in the cryptocurrency sector.
The complaint raises fundamental questions about the respect for trademark rights and the impact of actions by large platforms like Binance. It will be interesting to observe how the situation evolves and what implications it might have for the future of memecoins and projects related to blockchain.