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The owner of the popular and late Peanut squirrel, Mark Longo, sued the Binance exchange for misuse of his intellectual property. In a recent cease and desist letter, Longo’s attorneys stated that they will imminently take legal action against the trading firm.
The document introduced by the lawyers states that the exchange uses Peanut’s image and narrative without consent. The latter, he assures, constitutes a violation of his right to intellectual property. “My legal team initiated legal action against Binance for the use of my intellectual property without my authorization,” Longo wrote on X.
He adds that this is the first of several cease and desist letters he will introduce to protect his image and that of his pets. “I am ready to defend my creative work and send a clear message: I will not tolerate unauthorized use of my IP,” he added.
Longo’s law firm, Barclay Damon LLP, is now leading the plaintiff’s case and estimates the fine could be as high as $150,000. Thus, now that Longo sued Binance for alleged misuse of his image, Binance could capitalize on the image of his squirrel. It is important to remember that the owner of Peanut has no relationship with the successful PNUT meme coin.
Longo sued Binance and won’t stop there
The legal battle against Binance will not be the end point of Longo’s activities against the Cryptocurrency market. As he states in his X post, this would be the first of several legal activities to come. Recently, the owner of the squirrel announced the launch of its own token. On that occasion, he threatened the crypto community with lawsuits.
According to him, legal actions will focus on people who speculate on a difficult moment in their personal lives. The community linked to the squirrel responded, claiming they sent donations to Longo, who accepted them and spent them.
In simple words, they suggest that the owner of the squirrel wants to capitalize in any way on the hype related to the PNUT token. Until now, it is not clear what Binance will do in this new situation. The exchange is likely ready to take on Longo taking advantage of the positive crypto environment ahead in the US.
Removing the token from its trading options does not seem like an option for the firm at this time. The latter, considering that Binance is limited to being an intermediary platform and not the creator of the token. In any case, the new legal episode is about to begin. The crypto community fears that a victory for Longo could turn him into the new Craig Wright meme version.
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