Binance, the world’s largest cryptocurrency exchange, has sent a cease-and-desist letter to decentralized finance (DeFi) platform Peanut & Squirrel, alleging unauthorized use of Binance’s intellectual property (IP). Announced on Nov. 21, the legal action accuses the platform of infringing on Binance’s trademarks and misleading users about its association with the exchange. Binance has demanded that Peanut & Squirrel cease all activities involving its brand immediately.
The dispute centers around Peanut & Squirrel’s use of Binance’s name and branding in its promotional materials and platform features. Binance claims these actions create confusion among users, potentially harming its reputation and brand equity. A Binance spokesperson stated, “We take the protection of our intellectual property very seriously and will take appropriate action to ensure its integrity.”
Peanut & Squirrel has yet to issue an official response to the allegations, but the case highlights the challenges in managing intellectual property in the decentralized finance space. DeFi projects often operate without formal regulatory oversight, leading to disputes over branding, copyrights, and user safety. Binance’s legal team has indicated that failure to comply with the cease-and-desist could result in further legal action.
This incident underscores the increasing need for clear guidelines and enforcement mechanisms within the rapidly evolving DeFi ecosystem. As the sector grows, disputes over IP and branding are expected to become more common, raising questions about accountability and compliance. Binance’s proactive stance signals its intent to protect its brand while setting a precedent for handling similar conflicts in the cryptocurrency industry.
