A new trademark dispute has emerged in the rapidly evolving digital marketplace, with cryptocurrency exchange giant Binance facing allegations of unauthorised use of the trademarked character ‘Peanut the Squirrel’. Mark Longo, the creator and owner of the popular wildlife brand, has issued a cease-and-desist letter accusing Binance of trademark infringement linked to its promotion of the PNUT memecoin.
This case underscores the increasing legal challenges surrounding trademarks within the cryptocurrency, NFT, and broader digital asset markets. It highlights the urgent need for brands to strengthen their digital trademark protection strategies.
Understanding the Binance Trademark Dispute
Mark Longo, widely recognised for his wildlife-focused brand ‘Peanut the Squirrel’, alleges that Binance used his trademark and a specific image of Peanut wearing a cowboy hat without his authorisation. According to Longo, he has consistently used the PNUT branding since 2017 to support educational projects and animal welfare initiatives.
Binance, currently one of the largest cryptocurrency exchanges globally, reportedly featured the Peanut mascot prominently in promotional materials for a PNUT memecoin, despite having no affiliation with Longo or his brand. The cease-and-desist notice demands Binance immediately cease all use of the PNUT trademark and imagery or face potential legal consequences, including damages of up to £120,000 per infringement.
At this point, Binance has yet to publicly address the allegations.
Implications for Trademark Protection in Digital Markets
This dispute is one of many recent intellectual property controversies within the rapidly growing fields of NFTs, blockchain technology, and digital commerce. The explosive growth of digital assets such as NFTs and memecoins presents new risks for brands, as unscrupulous entities increasingly seek to exploit established trademarks for profit. You can read more about this issue in Trademark Strategies for NFTs: Navigating a New Digital Economy.
As emphasised in our previous guidance on protecting trademarks in the NFT and crypto spaces, securing trademark rights specifically for digital and virtual assets is now crucial. Businesses should proactively register their trademarks to explicitly include NFTs, blockchain products, and metaverse properties.
Moreover, actively monitoring online platforms for unauthorised use of your trademarks is essential. Our recent discussion on preventing NFT and metaverse trademark infringements highlighted that digital marketplaces are particularly vulnerable to rapid trademark misuse. Failure to monitor and swiftly act can result in considerable financial and reputational damage.
How Your Brand Can Defend Against NFT and Crypto Trademark Infringements
The Binance and Peanut the Squirrel case highlights practical steps brands must take to protect their intellectual property in digital markets:
- Extend Your Trademark Registrations to Digital Assets Ensure your trademarks explicitly cover digital products such as NFTs, cryptocurrencies, and metaverse-related offerings.
- Regularly Monitor Digital Marketplaces Proactively track digital asset platforms like OpenSea, Binance, and popular crypto forums for unauthorised uses or infringements of your brand.
- Respond Swiftly to Trademark Violations Act quickly if your trademark is infringed upon. A robust cease-and-desist notice can often resolve disputes before costly legal actions become necessary.
Take Action Now to Protect Your Digital Brand
Although Binance has yet to formally respond, this trademark case serves as an important reminder for businesses operating in the digital economy. As the line between traditional branding and digital assets continues to blur, robust trademark protection in the NFT, crypto, and metaverse sectors is no longer optional – it’s essential.
If your business is navigating trademark challenges in these emerging markets, The Trademark Helpline is here to provide expert guidance on registration, monitoring, and enforcement strategies.
Concerned about digital trademark protection? Contact us today for comprehensive support in safeguarding your brand online.
