Peanut the Squirrel Owner Takes Binance to Court, Here's Why

Highlights

Peanut the Squirrel owner issues a cease-and-desist letter demanding Binance halt using the PNUT trademark.
Binance's use of terms like "PNUT THE SQUIRREL" and "PNUT" is unauthorised and confuses customers, said the owner.
His law firm cites the Copyright Act, highlighting potential damages of up to $150,000 per infringement.
Despite the legal dispute, PNUT’s price has remained relatively steady at $1.11.

Mark Longo, owner of Peanut the Squirrel, has filed charges against crypto exchange Binance, accusing it of unauthorized use of multiple intellectual property rights, including the PNUT trademark and an image of a squirrel wearing a cowboy hat. In response, Longo’s law firm has issued a cease-and-desist letter to the exchange.

Did Binance Infringe Trademark About Peanut the Squirrel?

On behalf of animal rights activist Mark Longo, law firm Barclay Damon LLP issued a strongly worded letter accusing crypto exchange Binance of infringing on intellectual property rights owned by their client.

The letter also alleges that Binance used Longo’s “Peanut the Squirrel” image and trademark, in addition to using terms such as “PNUT THE SQUIRREL” and “PNUT”, without Longo’s authorization. It asserts that Binance’s actions constitute violations of Longo’s copyrights and trademarks. In his message on the X platform, Mark Longo, popular as Squirrel_Dad wrote:

“My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals. This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated”.

Longo, who operates the Peanut the Squirrel Instagram account and P’Nuts Freedom Farm Animal Sanctuary, is demanding that Binance “immediately cease and desist such infringing activities.” The letter warns that Binance must comply with the demands by December 31st or risk further legal action.

Additionally, the letter details that Longo’s Peanut the Squirrel image is subject to copyright protection in the United States. Amid the recent media coverage surrounding PNUT, the associated trademark has gained significant fame. The letter states that Binance’s use of these assets will confuse customers that PNUT is “somehow sponsored, endorsed, or related” to Longo’s animal welfare efforts.

The letter cites the Copyright Act, noting that infringement of registered works can incur damages up to $150,000 per work, plus costs and attorney’s fees. It also highlights the widespread use of the “Infringing Marks” across Binance’s platform, which reportedly existed “long before you began using the Infringing Marks”.

This is not the first time that Mark Longo has threatened over copyright infringement. Last month, he also threatened PNUT users with lawsuits for profiting from his sorrows.

PNUT Price Remains Steady

Amid today’s development, PNUT price has remained mostly steady at $1.11. Over the past week, PNUT has been on a downward trajectory with a brief 20% PNUT price surge mid-week. However, it couldn’t be sustained for a long time as sellers charged in once again.

After hitting a top of $2.46 in November, the PNUT price has been moving sideways correcting nearly 60% from the top. However, with the announcement of a Coinbase listing, PNUT enthusiasts have turned hopeful once again of a rally ahead. However, it is still trading 2000% up from its launch price in November.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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