Mark Longo, owner of Peanut the Squirrel, has sent a cease-and-desist letter to cryptocurrency exchange Binance, accusing it of trademark infringement related to its PNUT-themed memecoin.
Longo claims Binance used his “Peanut the Squirrel” trademark and mascot likeness without permission to promote the Peanut the Squirrel (PNUT) cryptocurrency. In the complaint, Longo noted that it has been using the PNUT brand for education and animal welfare initiatives since 2017.
Cease and desist demands that cryptocurrency exchanges immediately stop using the PNUT mark and mascot likeness and warn of potential legal action, including fines of up to $150,000 per infringement.
The case raises important questions about intellectual property (IP) in cryptocurrencies, where memecoins and viral branding can blur legal boundaries.
Binance has yet to publicly respond to these claims. Legal experts point out that this case could set an important precedent for IP rights in the emerging memecoin market.
source: Squirrel_Dad
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Charge Details
According to Longo’s legal team, the copyright infringement includes unauthorized use of the terms “PEANUT THE SQUIRREL” and “PNUT,” including certain copyrighted images of the squirrel mascot.
The letter alleges that the branding, which reflects the mascot’s similarity to Binance’s PNUT-themed cryptocurrency, causes confusion among consumers and suggests a connection or endorsement that Longo has not authorized.
The cease-and-desist letter cites violations of U.S. copyright law and states that the cryptocurrency exchange’s actions constitute piracy and display of protected IP.
Cease and desist order for alleged IP rights infringement. source: Squirrel_Dad
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PNUT memecoin and market impact
Longo’s letter and public announcement follows the rapid rise of PNUT memecoin, which received public attention and media attention following a viral event in late October.
Despite the tragic nature of the story behind memecoins, this incident led to a sudden influx of squirrel-peanut themed memecoins onto the cryptocurrency market.
Two peanut-themed memecoins ranked in the top 10 tokens on Dexscreener’s 24-hour chart, with the PNUT token reaching a market capitalization of $2.25 billion on November 14.
PNUT market capitalization since November. source: CoinMarketCap
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Next Steps and Legal Implications
The public cease-and-desist letter requires Binance to end all infringing activities by December 31 and provide written confirmation of compliance.
If the cryptocurrency exchange fails to comply with Longo’s legal requirements, the Squirrel Peanuts creator could potentially seek injunctive relief, damages and guaranteed attorneys’ fees in U.S. courts.
It is known that major exchanges such as Coinbase and Kraken are considering listing PNUT, which could further escalate the problem.
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