The trademark infringement lawsuit concerns Coinbase's Nano BTC and ETH futures.
NanoLabs claims to have suffered brand and moral damage.
NanoLabs, a
cryptocurrency company and the Nano (NANO) token issuer, has launched a lawsuit
over the alleged infringement of its trademarks. Coinbase, one of the world's
largest cryptocurrency exchanges, is named as a defendant.
NanoLabs Hit Coinbase with
Potential Trademark Lawsuit
In a document
filed in a Northern California District Court on 24 February 2023, the NANO
issuer alleges that the exchange's Nano Bitcoin and Nano Ether futures contract
products, which Coinbase has been offering since June 2022, infringe on
trademark rights owned by Nano Labs.
The similarity
in naming, according to NanoLabs, was expected to lead to economic damage and
undermine the brand's market identity. NANO tokens are currently valued at less
than one dollar, and the market capitalization of the entire network is $121
million. However, the network's activity is presently shallow and daily volumes
do not exceed one million dollars.
Development
of the project began in 2014 under the name RaiBlocks. In January 2018, the
Founder and CEO of NanoLabs decided to rebrand and change it to Nano.
Coinbase's futures offering, called Nano, on the other hand, appeared on the
market in 2022.
"Defendants
did not begin using the Nano Bitcoin and Ether Marks on or in connection with
any goods or services until 27 June 2022, several years after Plaintiff had
established its Nano Marks and related goodwill in the Nano Digital
Currency," the court document stated.
In the
indictment, NanoLabs states that the products offered by the exchange are
"identical or highly similar types of offerings as Plaintiff's digital
currency." Additionally, the company believes that Coinbase is targeting a
similar group of customers, hurting NanoLabs' business.
Watch the recent FMLS22 Executive Interview with Lory Kehoe, the Director of EMEA Business Development at Coinbase.
NanoLabs Wants $5 Million
from Coinbase
Judicial
representatives of NanoLabs want the court to start a jury trial for the
alleged infringements by Coinbase and award the company a minimum of $5 million
in damages for trademark infringement.
In
addition, the NANO issuer wants Coinbase to stop using the word Nano and the
Nano trademarks by the exchange and related when promoting and selling cryptos
or crypto products. NanoLabs also wants the exchange to engage in corrective
advertising to restore the value of NANO's intellectual property.
The complete
list of claims is available below:
Coinbase Pays a Fine in the
Netherlands
NanoLabs'
lawsuit is not the only legal issue on Coinbase's shoulders. The leading
digital assets exchange has been slapped with a hefty $3.3 million fine by the
Dutch central bank, De Nederlandsche Bank (DNB).
According
to the DNB's press release from January, the fine was imposed due to
unauthorized crypto activities at the Coinbase exchange from November 2020
until at least 24 August 2022. Coinbase Europe Limited, the European subsidiary
of Coinbase, has been operating without registration in the Netherlands.
Previously, the Dutch
central bank had imposed a registration requirement on all
cryptocurrency service providers in May of the same year, citing the high risk
of money laundering and terrorist financing.
A fine of
an identical amount was paid a few months earlier by its rival platform Binance.
NanoLabs, a
cryptocurrency company and the Nano (NANO) token issuer, has launched a lawsuit
over the alleged infringement of its trademarks. Coinbase, one of the world's
largest cryptocurrency exchanges, is named as a defendant.
NanoLabs Hit Coinbase with
Potential Trademark Lawsuit
In a document
filed in a Northern California District Court on 24 February 2023, the NANO
issuer alleges that the exchange's Nano Bitcoin and Nano Ether futures contract
products, which Coinbase has been offering since June 2022, infringe on
trademark rights owned by Nano Labs.
The similarity
in naming, according to NanoLabs, was expected to lead to economic damage and
undermine the brand's market identity. NANO tokens are currently valued at less
than one dollar, and the market capitalization of the entire network is $121
million. However, the network's activity is presently shallow and daily volumes
do not exceed one million dollars.
Development
of the project began in 2014 under the name RaiBlocks. In January 2018, the
Founder and CEO of NanoLabs decided to rebrand and change it to Nano.
Coinbase's futures offering, called Nano, on the other hand, appeared on the
market in 2022.
"Defendants
did not begin using the Nano Bitcoin and Ether Marks on or in connection with
any goods or services until 27 June 2022, several years after Plaintiff had
established its Nano Marks and related goodwill in the Nano Digital
Currency," the court document stated.
In the
indictment, NanoLabs states that the products offered by the exchange are
"identical or highly similar types of offerings as Plaintiff's digital
currency." Additionally, the company believes that Coinbase is targeting a
similar group of customers, hurting NanoLabs' business.
Watch the recent FMLS22 Executive Interview with Lory Kehoe, the Director of EMEA Business Development at Coinbase.
NanoLabs Wants $5 Million
from Coinbase
Judicial
representatives of NanoLabs want the court to start a jury trial for the
alleged infringements by Coinbase and award the company a minimum of $5 million
in damages for trademark infringement.
In
addition, the NANO issuer wants Coinbase to stop using the word Nano and the
Nano trademarks by the exchange and related when promoting and selling cryptos
or crypto products. NanoLabs also wants the exchange to engage in corrective
advertising to restore the value of NANO's intellectual property.
The complete
list of claims is available below:
Coinbase Pays a Fine in the
Netherlands
NanoLabs'
lawsuit is not the only legal issue on Coinbase's shoulders. The leading
digital assets exchange has been slapped with a hefty $3.3 million fine by the
Dutch central bank, De Nederlandsche Bank (DNB).
According
to the DNB's press release from January, the fine was imposed due to
unauthorized crypto activities at the Coinbase exchange from November 2020
until at least 24 August 2022. Coinbase Europe Limited, the European subsidiary
of Coinbase, has been operating without registration in the Netherlands.
Previously, the Dutch
central bank had imposed a registration requirement on all
cryptocurrency service providers in May of the same year, citing the high risk
of money laundering and terrorist financing.
A fine of
an identical amount was paid a few months earlier by its rival platform Binance.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!