Telegram Sues Startup over Cryptocurrency Naming Rights

Telegram has filed a trademark suit against a Florida company that also intends to create a cryptocurrency named “gram”
16 May 2018   1176

Encrypted messaging company Telegram filed the suit on May 11 in the San Francisco branch of the US District Court for the Northern District of California, alleging that Lantah LLC violated Telegram’s service mark rights when it filed a trademark application for “gram” in February. 

The Pavel Durov-led firm raised $1.7 billion from a group of less than 200 accredited investors to fund the development of the future Telegram Open Network (TON), which native cryptocurrency will be called GRAM.

In February Lantah LLC filed a trademark registration for “gram,” stating that it intended to develop a “virtual currency for use by members of an online community via a global computer network.” That application was filed after Telegram had begun raising funds for its network.

Telegram claims that it has acquired “common law trademark rights” to GRAM since it has already conducted a “widely reported on and highly successful offering of Purchase Agreements” using the term. The firm further alleges that Lantah is operating in bad faith and seeks to profit from brand confusion.

Lantah was publicly using the Gram name before we were even aware of Telegram’s decision to market one of their products with the same name.  This was backed up by the availability of the trademark. We are now having the matter reviewed by counsel.

 

Daniel Jeffrey

Founder, Lantah LLC

Jeffrey also said that contrary to Telegram’s claim, Lantah was using the “gram” trademark before it was even aware that Telegram had decided to market a product under the same name.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   298

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.