Binance Faces IP Lawsuit Over PNUT Token Trademark

Crypto News Regulation

Binance Faces Legal Heat Over Alleged PNUT Token Trademark Violation

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 16, 2024

Key Takeaways

Mark Longo accuses Binance of misusing his "Peanut the Squirrel" branding for their PNUT memecoin, claiming IP and copyright violations;
A cease-and-desist demands Binance halt unauthorized use by December 31, with potential legal penalties of up to $150,000 per violation;
The case highlights growing IP challenges in crypto, especially with memecoins relying on viral branding often close to infringement.

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Binance Faces Legal Heat Over Alleged PNUT Token Trademark Violation

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A trademark dispute has erupted between Binance $8.12B and Mark Longo, the owner of Peanut the Squirrel.

The conflict lies in Longo’s claim that Binance used his "Peanut the Squirrel" branding, including the mascot, without authorization.

He argues that it creates public confusion and gives the false impression that his brand endorses or is affiliated with Peanut the Squirrel (PNUT) cryptocurrency. Since 2017, Longo has used the PNUT name for initiatives related to education and animal welfare.

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Longo's legal complaint emphasizes that these actions violate the United States Copyright Act, stating that Binance’s conduct constitutes unlawful reproduction and use of copyrighted material.

Longo has filed a formal cease-and-desist letter, charging Binance for misusing his intellectual property (IP) with their PNUT memecoin.

The letter demands that Binance refrains from utilizing the PNUT mascot by December 31 and provides written confirmation of compliance.

Should the crypto exchange fail to meet these demands, Longo has signaled that he may pursue further legal action. Binance could face penalties—up to $150,000 for each violation—along with legal fees and damages.

Legal experts have noted the implications of this case, given the growth of memecoins and their reliance on branding. Binance, however, has yet to issue a public response to the allegations.

Before this trademark controversy, Longo launched a $53 million token tribute to his former pets and accused the crypto community of taking advantage of the tragedy. How did the community react? Read the full story.