Peanut the Squirrel owner accuses Binance of intellectual property infringement over the PNUT cryptocurrency.

In a cease-and-desist letter, Peanut the Squirrel's owner, Mark Longo, accused cryptocurrency exchange Binance of trademark infringement in relation to his memecoin with a PNUT theme.

According to Longo, Binance has promoted the Peanut the Squirrel (PNUT) cryptocurrency by using his "Peanut the Squirrel" brand and mascot image without his consent. Longo stated in his lawsuit that since 2017, he has been utilising the PNUT brand for programs related to education and animal welfare.

The cryptocurrency exchange must immediately cease using the PNUT marks and mascot likeness, or face legal action, which could result in fines of up to $150,000 for each infraction, according to the cease-and-desist.

The lawsuit brings up a significant point regarding intellectual property (IP) rights in the cryptocurrency space, as viral branding and memecoins may cause legal lines to become hazy.

The accusations have not yet received a public response from Binance. The lawsuit may establish a significant precedent for intellectual property rights in the nascent memecoin industry, according to legal experts.

Details of the allegations

The illegal use of the names "PEANUT THE SQUIRREL" and "PNUT," as well as a particular copyrighted image of the squirrel mascot, are among the violations, according to Longo's legal team.

According to the letter, Binance's cryptocurrency with a PNUT theme and its branding, which mimics the mascot's appearance, are said to confuse customers and suggest an association or sponsorship that Longo has not approved.

According to the cease-and-desist letter, the crypto exchange's activities amount to illegal reproduction and presentation of the protected intellectual property, citing infringement under the US Copyright Act.

The influence of PNUT memecoin on the market

Longo's letter and public statement come after the PNUT memecoin skyrocketed to prominence following a viral event in late October that attracted media and public interest.

Even though the memecoin's story was tragic, the incident led to a dramatic surge in the number of memecoins with Peanut the Squirrel themes on the cryptocurrency market.

On Nov. 14, the PNUT token reached a market valuation of $2.25 billion, and two memecoins with Peanut themes reached the top 10 on Dexscreener's 24-hour charts.
Legal ramifications and next steps

The public cease-and-desist letter requires Binance to give written certification of compliance and stop all infringement by December 31.

The inventor of Peanut the Squirrel may file a lawsuit in the US to get injunctive relief, damages, and reimbursement of legal fees if the cryptocurrency exchange disregards Longo's claims.

Major exchanges, like Coinbase and Kraken, are apparently considering listing PNUT, which might aggravate the problem further.

By including relevant keywords and linking to related articles, the rewritten content aims to provide comprehensive information while enhancing search engine optimization for CryptoTelegraphs.

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates