The owner of the popular social media figure “Peanut the Squirrel,” Mark Longo, has accused Binance of intellectual property theft. Longo claims that Binance has used his trademark and mascot likeness without permission to promote the Peanut the Squirrel (PNUT) cryptocurrency.
Longo’s legal team alleges that Binance has infringed on the “PEANUT THE SQUIRREL” and “PNUT” trademarks, as well as a copyrighted image of the squirrel mascot. They argue that Binance’s use of these elements has created confusion among consumers and implied an endorsement that Longo has not granted.
The cease-and-desist letter to Binance requests that the exchange immediately discontinue all usage of the PNUT trademarks and mascot imagery. Longo’s legal team has threatened fines of up to $150,000 per infringement if Binance does not comply.
This dispute highlights the potential legal challenges that can arise in the cryptocurrency industry, particularly when it comes to the use of intellectual property. It remains to be seen how Binance will respond to these allegations and whether this will impact the future of the PNUT token.
