Peanut the Squirrel Creator Accuses Binance of IP Theft, Issues Cease-and-Desist Letter

Mark Longo, the creator and owner of the "Peanut the Squirrel" brand, has accused global cryptocurrency exchange Binance of intellectual property (IP) theft.

Mark Longo, the creator and owner behind the "Peanut the Squirrel" brand, has levied accusations against Binance, a leading global cryptocurrency exchange, for intellectual property (IP) theft.

According to a report by Cointelegraph, Longo's claims stem from Binance's use of his trademarked mascot's likeness and brand name to promote the PNUT-themed memecoin without authorization.

In a cease-and-desist letter obtained by the publication, Longo's legal team asserts that the crypto exchange violated the United States Copyright Act. The letter alleges that Binance unlawfully reproduced and displayed copyrighted images and used the terms "PEANUT THE SQUIRREL" and "PNUT" in its branding, which could lead to consumer confusion and false endorsement of Longo's educational and animal welfare initiatives.

Countering Binance's actions, Longo's cease-and-desist demands that Binance discontinue all use of the PNUT marks and mascot likeness by December 31. Failure to comply could result in legal action seeking injunctive relief, statutory damages of up to $150,000 per infringement, and coverage of attorney fees.

This controversy arises as the PNUT memecoin experiences a rapid surge in popularity. On November 14, the token's market capitalization reached an impressive $2.25 billion, largely fueled by a viral online event. Other Peanut-themed tokens have also seen a strong uptrend, with two of them breaking into Dexscreener's top 10 tokens in 24-hour trading volume.

In the midst of this legal matter, Binance has yet to issue a public response. Meanwhile, other exchanges, including Coinbase and Kraken, are reportedly considering listing the PNUT token, which could further escalate the situation for all parties involved.

According to data from DefiLlama, Binance saw record success in 2024, with over $24 billion in user deposits. This surge was driven by a growing user base of 250 million and boosted by global crypto adoption and the launch of U.S. Bitcoin and Ethereum ETFs.