Mark Longo, the owner of Peanut the Squirrel, has launched an attack against Binance, accusing the cryptocurrency platform of unlawfully using his trademark to promote the memecoin PNUT.

Trademark infringement complaint

Binance, one of the largest cryptocurrency exchanges, is facing serious allegations of intellectual property infringement. Mark Longo, the creator of Peanut the Squirrel, claims that the exchange used his mascot's images and name without consent to promote the memecoin PNUT.

The case, revealed by a cease-and-desist letter sent to Binance, could become a major legal battle in the cryptocurrency space.

According to Mark Longo, Binance is accused of exploiting his brand and mascot without permission to market the memecoin PNUT. This cryptocurrency, largely inspired by the iconic squirrel, has caused confusion among investors.

The official letter indicates that the use of the terms 'Peanut the Squirrel' and 'PNUT', combined with a similar image, would constitute direct infringement of U.S. copyright law.

Mark Longo states that the PNUT mascot was initially used for educational purposes and animal protection initiatives. Today, they demand that Binance immediately cease all unlawful use or face legal action with penalties of up to $150,000 for each violation.

Impact on the memecoin market

The PNUT token has seen a dramatic increase, reaching a market capitalization of $2.25 billion on November 14. The frenzy surrounding this memecoin has been amplified by its association with Peanut the Squirrel, a popular viral character on social media.

However, this case raises fundamental questions regarding intellectual property rights in an industry where memecoins often thrive on existing brands and features.

Legal experts warn that this complaint could set a precedent for other viral-themed cryptocurrencies, where the line between inspiration and infringement remains blurred.

If Binance refuses to comply with Longo's request, the consequences could be severe. A legal order could not only result in significant damages but also harm Binance's reputation.

In summary, the relationship between Mark Longo and Binance could mark a decisive turning point in the regulation of memecoins and intellectual property in cryptocurrency. With the increasing popularity of these tokens, legal clarification becomes necessary to protect creators and avoid similar disputes in the future. Meanwhile, Binance has yet to issue an official response to these allegations.

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