30s Summary

Mark Longo, owner of the Peanut the Squirrel brand, has accused cryptocurrency exchange Binance of infringing on his intellectual property rights by using his PNUT branding without authorization. Longo has issued a warning letter demanding Binance cease usage of the PNUT branding and Peanut the Squirrel mascot, threatening legal action and potential fines. Longo’s lawyers argue Binance’s actions violate the US Copyright Act, causing confusion, suggesting an unoffered endorsement. Longo demands that Binance confirm in writing they’ve stopped the infringement by December end.

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Mark Longo, who owns Peanut the Squirrel, has sent a strong warning to the cryptocurrency exchange Binance. He claims that they’ve copied his trademark of Peanut the Squirrel to promote their own Peanut the Squirrel (PNUT) crypto without asking him first. Longo stated that he’s been rocking the PNUT brand since 2017 for education and animal care projects.

The warning letter demands that Binance stops using the PNUT branding and mascot immediately. If they don’t, they could face legal action and fines as high as $150,000 for each time they’ve wrongfully used it.

This situation shines a light on copyright issues in the crypto world. The explosion of meme-themed cryptos and viral branding can blur the lines when it comes to legal ownership.

Binance haven’t made a public response to these accusations yet. Legal boffins reckon this case could set a big example for copyright law in the budding meme crypto market.

As per Mark Longo’s legal squad, the rule-breaking includes unauthorized use of “PEANUT THE SQUIRREL” and “PNUT”, as well as a specific protected image of the squirrel mascot. Their legal warning argues that Binance’s PNUT-themed crypto and its branding might confuse people, suggesting an endorsement from Longo that he never gave.

The warning letter points out violations under the United States Copyright Act. It says that the crypto exchange’s actions count as illegal copying and display of copyrighted material.

The public calling out by Mark Longo and his warning letter came after the rapid rise of PNUT crypto, which lit up the public’s interest and caught media attention following a viral event at the end of October. Despite the sad origin story behind the meme coin, this event led to loads of Peanut the Squirrel-themed cryptos popping up in the crypto market.

Two Peanut-themed meme coins made it to the top 10 in a list of 24-hour charts, and the PNUT token had a market value as high as $2.25 billion on November 14.

The public warning letter demands Binance to stop all the copying by the end of December and confirm in writing that they’ve complied. If Binance doesn’t listen, the creator of Peanut the Squirrel could take legal action, which could lead to injunctions, damages, and lawyer fees in a US court.

Big exchanges, including Coinbase and Kraken, are even considering listing PNUT, which could throw more fuel on the fire.