Last month, Goldman Sachs attorneys sent legal notice to a Japour-based cryptocurrency exchange, accusing the Indian startup of trademark and intellectual property infringement. The controversy was related to that startup’s name, Bitman Sachs, LLP, as well as its Bitsachs.com website. According to a report in the Hindu Business Line, the Indian company has decided to change its name to negate the controversy.
The notice had informed the new exchange that Goldman Sachs viewed the company’s name and website domain as infringements and called for Bitman Sachs to stop using the name. it also demanded that Bitman hand over ownership of the website domain to Goldman Sachs. The notice alleged that:
“The infringing mark is confusingly similar to our clients’ famous Goldman Sachs’ mark, as is also partially evidenced by your use of a company name that copies the ‘Man Sachs’ name. Furthermore, the infringing mark is intended for use in connection with related services as those provided by Goldman Sachs.
The infringing mark is thus clearly intended to draw an association between your cryptocurrency, on the one hand, and our clients Goldman Sachs, on the other hand.”
Rather than contest the accusation, the exchange has opted to change its name and abandon use of the offending domain name. The company’s new name will reportedly be Bitfeu. Its trading platform is expected to launch within the next week, and will reportedly include trading options for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.