US finance company Goldman Sachs has sent a notice to an Indian company that operates Bitman Sachs, a cryptocurrency exchange, claiming that it is infringing intellectual property rights and violating trademark norms, according to The Economic Times.
Bitman Sachs LLP operated a website called Bitsachs.com. The company's founder said: “We are not using Goldman anywhere in our brand name and Sachs is a very common surname in Germany. … So I don't know how this could be an infringement of intellectual property or trademark.”
The notification sent by Goldman Sachs to Bitman Sachs raised concern about a likelihood of confusion, stating: “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 with your cryptocurrency (business), on the one hand and… Goldman Sachs on the other hand.”
Meanwhile, The Hindu Business Line reports that the Indian firm had already changed its name to Bitsachs before it received the communication from Goldman Sachs and that it is now operating under the company name Bitfeu. Agarwal also said it will no longer be using the domain Bitsachs.com — as of this writing it redirects to bitfeu.com.