Binance, the world's largest cryptocurrency exchange, received a cease and desist letter from a memecoin creator.
Accordingly, Mark Longo, the owner of Peanut the Squirrel, claimed that cryptocurrency exchange Binance used his “PNUT” trademark and character image without permission.
Mark Longo said in a statement that he sent Binance a cease and desist letter through his law firm, claiming that Binance was using a number of his intellectual properties without permission, including the PNUT trademark and an image of a squirrel wearing a cowboy hat.
Longo also noted that he has used the PNUT brand for education and animal welfare initiatives since 2017. Longo said the PNUT trademark and Peanut the Squirrel image are a core element of his brand, not just a simple design.
Longo’s legal team has filed a cease and desist letter requesting Binance to cease use of his intellectual property.
Longo's team also noted that global platforms like Binance should be careful to respect copyrights and trademarks, especially in the digital world.
Binance has not yet officially responded to the allegations. If Binance does not respond or resolve the dispute, Longo stated that he may take the matter further and take legal action.
Experts noted that the case could set an important precedent for intellectual property rights in the emerging memecoin market.
*This is not investment advice.
