Crypto Startup Wins Cybersquatting Dispute –  Deloitte Loses

Crypto Startup Wins Cybersquatting Dispute –  Deloitte Loses

Crypto startup, Don’t You Know Your Customer, wins cybersquatting dispute which was initiated by the big accounting firm Deloitte over its domain name.

Penultimate Media Systems, a Web3 design and branding agency, registered for their crypto client, which claims to be a non-profit community that works on the Binance Smart chain and offers anonymous prepaid cards.

Deloitte objects to the domain owner abbreviating its service on its website as DKYC. The accounting business claimed that the challenged domain name is confusingly similar to its own trademark since it employs the same acronym.

Crypto Startup Wins Cybersquatting Dispute –  Deloitte Loses crypto

Deloitte even accused DKYC’s website of being unlawful, emphasizing the claimed negative impact the startup’s usage of the contested domain name was having on the accountancy firm’s image.

According to the accounting company, the crypto startup promotes anonymous financial transactions, which clearly contradicts its own “know your client” service, which is concerned with client identity and traceability in the financial sector.

The World Intellectual Property Organization issued its ruling through Domain Name Wire, arguing that Deloitte had failed to demonstrate that the domain was operated in bad faith.
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Because of this the crypto startup wins the cybersquatting dispute in question and is now free to continue to use the domain name, while the accounting firm that brought on the case before WIPO will have to pay the costs of the ruling.

In response to the allegations, DKYC claims that it is unaware of Deloitte’s trademark and that it researched the US Patent and Trademark Office before registering the domain name.

As of May 6, 2022, the firm is rebranding as “ShadowFi” and responding to Deloitte’s claim that the domain name is being used illegally by highlighting the distinction between money laundering and the ordinary spending services it provides.

“We stand 100% behind the prevention of financial fraud and terrorism,” said DKYC in a statement.

The firm, which works on the Binance Smart Chain, connects decentralized finance (DeFi) with anonymous spending in the real world. “Invest in Binance Smart Chain (BSC) while financing your daily life.” Our merchant has no idea who we are, and we have no idea who you are. No identification is required. “Never,” it says on its website.

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