Mark Longo, the creator of “Peanut the Squirrel,” has initiated legal proceedings against cryptocurrency exchange Binance, alleging unauthorized use of his “PNUT” trademark and associated imagery. Longo’s complaint centers around claims that Binance has exploited his intellectual property without permission, prompting a strong legal response.
What Demands Has Longo Made?
Longo’s legal team has set a compliance deadline for Binance, demanding adherence to their requests by December 31. A cease and desist notice issued by Barclay Damon LLP, which represents Longo, warns that failure to comply may result in significant legal consequences.
How Does This Affect Binance’s Operations?
The cease and desist letter indicates that violations could lead to penalties of up to $150,000 per infraction under U.S. Copyright Law. Longo asserts that Binance’s actions misrepresent his brand, creating confusion among consumers about the association of his character with the platform.
Key points from this legal dispute include:
- Longo’s character and trademarks are protected under U.S. copyright law.
- Legal experts argue Binance benefits commercially from the unauthorized use.
- A continued violation could lead to larger lawsuits against Binance.
As the PNUT community watches closely, this lawsuit represents another chapter in Longo’s ongoing battle for his intellectual property rights. While current market conditions for PNUT remain unaffected, this situation emphasizes the imperative for cryptocurrency firms to prioritize respecting intellectual property rights.