Mark Longo, owner of Peanut the Squirrel, has launched an offensive against Binance, accusing the crypto platform of unauthorized use of his trademark to promote the PNUT memecoin.
A trademark infringement complaint
Binance, one of the largest crypto exchanges, is facing serious allegations of intellectual property infringement. Mark Longo, creator of Peanut the Squirrelclaims that the exchange used the image and name of its mascot without consent to promote the PNUT memecoin.
The affair, revealed by a cease and desist letter sent to Binance, could become a major legal case in the cryptocurrency sector.
According to Mark Longo, Binance allegedly exploited its brand and mascot without authorization to market the PNUT memecoin. This crypto, largely inspired by the iconic squirrel, has created confusion among investors.
The official letter emphasizes that the use of the terms “Peanut the Squirrel” And “PNUT”associated with a similar image, constitutes a direct violation of US copyright law.
Mark Longo states that the PNUT mascot was initially used for educational purposes and animal welfare initiatives. Today, it demands that Binance immediately cease all illegal use, or face legal action with penalties of up to $150,000 per violation.
Impact on the memecoin market
The PNUT token has experienced a spectacular rise, reaching a market capitalization of $2.25 billion on November 14. The frenzy around this memecoin has been amplified by its association with Peanut the Squirrela viral character appreciated on social networks.
However, this case raises fundamental questions regarding intellectual property rights in an industry where memecoins often thrive on existing brands and characters.
Legal experts warn that this complaint could set a precedent for other viral-themed cryptos, where the lines between inspiration and violation remain blurred.
In the event that Binance refuses to comply with Longo's request, the consequences could be severe. A legal injunction could not only generate considerable damages, but also damage Binance's reputation.
In short, this affair between Mark Longo and Binance could mark a decisive turning point in the regulation of memecoins and intellectual property rights in crypto. With the growing popularity of these tokens, legal clarification becomes essential to protect creators and avoid similar disputes in the future. Binance, meanwhile, has yet to officially respond to these allegations.
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