Mark Longo, the owner of Peanut the Squirrel, has issued a cease-and-desist letter to Binance, accusing the crypto exchange of infringing on his trademark by using his squirrel mascot and the PNUT branding to promote a memecoin.
Longo, who has been using the PNUT brand for animal welfare and educational initiatives since 2017, claims Binance’s use of the Peanut the Squirrel image and the term “PNUT” creates confusion and suggests an unauthorized connection to the crypto exchange.
Legal Actions and Demands
The cease-and-desist letter demands that Binance immediately halt the use of the PNUT trademark and mascot, warning that further legal action could result in penalties of up to $150,000 per infringement.
According to Longo’s legal team, the infringement includes the unauthorized use of both the Peanut the Squirrel mascot image and the term “PNUT.” They argue that the use of the mascot on the PNUT cryptocurrency’s branding could confuse consumers into believing that Longo endorses or is associated with Binance’s crypto offering.
Rise of the PNUT Memecoin
The cease-and-desist follows the rapid rise of the PNUT memecoin, which gained attention after a viral event involving the Peanut the Squirrel brand in late October. Despite the tragedy associated with the event, it triggered a surge in Peanut the Squirrel-themed memecoins, with some making it to the top 10 tokens on DexScreener’s 24-hour charts. The PNUT token reached a market capitalization of $2.25 billion on November 14.
Community and Market Impact
The memecoin’s popularity has led major exchanges like Coinbase and Kraken to consider listing the token, which could escalate the legal dispute. Longo’s cease-and-desist letter demands that Binance cease all infringing activities by December 31 and provide written confirmation of compliance.
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