Binance Faces Cease-and-Desist Over Its Listing of PNUT Meme Coin

Mark Longo, the caretaker of the late internet-famous Peanut the Squirrel, has sent a cease-and-desist order to Binance over its listing of the PNUT meme coin. He's accusing the crypto exchange of infringing his intellectual property because it listed and promoted the meme coin.

The listening and marketing of PNUT were done without authorization, according to Longo.

“This is the first of multiple cease-and-desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: Unauthorized use of my IP will not be tolerated,” “Squirrel_Dad” Longo wrote on X, formerly known as Twitter.

The cease-and-desist letter notes that Binance violated Longo’s exclusive rights under U.S. copyright and trademark laws.

The letter specifically highlights the unauthorized use of a copyrighted photograph of Peanut wearing a cowboy hat and trademarks including "PEANUT THE SQUIRREL," "P’NUT," and "PNUT."

Binance’s actions have created a likelihood of consumer confusion, implying an association between Longo’s brand and the PNUT crypto, according to the letter.

“Consumers familiar with our client’s use of the PNUT Marks on educational, entertainment, and fundraising services will be confused into believing that your cryptocurrency is somehow sponsored, endorsed, or related by our client,” it states.

The letter demands that Binance acknowledge the letter and cease all infringing activities by December 31, 2024.

Longo’s legal counsel claims to have the right to pursue legal action for damages, injunctive relief, and attorney fees under the U.S. Copyright Act. The Act protects creators’ rights to reproduce, distribute, and publicly display their works.

A similar situation unfolded last month when Philip Banks, the artist behind the viral “Just a Chill Guy” meme, announced plans to enforce copyright protections on his character.

Banks, whose artwork inspired the "CHILLGUY" meme coin, raised concerns at its use in unauthorized merchandise and crypto projects.

Binance did not immediately respond to a request for comment from Decrypt.

The Legacy of Peanut the Squirrel

Peanut, a pet squirrel, gained widespread online recognition years ago as part of Longo’s animal sanctuary.

The story took a tragic turn when New York state officials seized Peanut and a raccoon named Fred in November, citing wildlife regulations.Both animals were euthanized shortly after, triggering public outrage and widespread media coverage.

Peanut-themed meme coins began to rise, with PNUT emerging as the most prominent. Within days of its spot listing on Binance, PNUT achieved a market cap of $1 billion, thrusted by a surge in trading activity.

In response, Longo launched his own token, “Justice for Peanut and Fred” (JFP), calling it the “only real PNUT coin.” However, JFP’s value has plummeted by over 95%, and some in the crypto community have criticized Longo for allegedly using Peanut’s legacy for profit.

PNUT is now trading for $1.08, plummeting by 41% in the last month, according to CoinGecko data.

Edited by Stacy Elliott.