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MUMBAI: Goldman Sachs has sent a notice to Jaipur-based Bitman Sachs, which runs a cryptocurrency exchange, accusing it of infringing intellectual property rights and violating trademark norms owing to what the US firm said were similarities in the name. The entity’s registered company name is Bitman Sachs LLP and it operates a website called Bitsachs.com “We are not using Goldman anywhere in our brand name and Sachs is a very common surname in Germany," said Ashish Agarwal, founder of Bitman Sachs. “So I don't know how this could be an infringement of intellectual property or trademark.”Goldman Sachs also said that “it provides extensive financial services for clients in currency, cryptocurrency and blockchain technologies,” in its notice. Bitman Sachs, founded last year, offers a multi-cryptocurrency wallet and exchange for peer-to-peer transactions by verified users. The exchange allows them to buy and sell cryptocurrencies including bitcoin , ethereum, litecoin and ripple.Agarwal said he’s reached out to his legal advisor and is drafting a reply. He said he was surprised at the content of the notice. “What is interesting is that Goldman Sachs and its analysts have been panning Bitcoins and cryptocurrencies but in the legal notice they claim they themselves have interest in the business. This is bit strange for someone like me who is a big believer in future of Bitcoins and cryptocurrencies,” said Agarwal.None of Bitman Sachs’ social media platforms—including the website and Facebook page—seemed to be functioning on Friday evening. There was no response to questions sent to Sonjoy Chatterjee, chairman of Goldman Sachs (India), and its Asia Pacific spokesperson. The February 21 notice was sent by US-based law firm Andrews Kurth Kenyon to Agarwal. ET has seen the notice.“The infringing mark is confusingly similar to Goldman Sachs Mark, as is also partially evidenced by your use of a company name that copies the ‘Man Sachs’ name,” it said. This was "clearly intended to draw association with Goldman Sachs” and could confuse its cryptocurrency clients, the notice said.“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.”Goldman said it was concerned that people may be confused into believing that Bitman Sachs may be licensed, authorized, sponsored or in some way affiliated with it.In the past, Goldman has warned of a "Bitcoin bubble" and has said that "most cryptocurrencies will crash to zero.”Steve Strongin, head of global investment research, had on February 5 said that most cryptocurrencies will ultimately fall to zero as current iterations are too primitive to be viable in the long term.Indian cryptocurrency exchanges have been on the receiving end for some time now. In last few months, tax authorities have searched their premises, issued notices and demanded taxes while banks have suspended their accounts. The tax department has also issued notices to about half a million investors who have invested in bitcoins or any other cryptocurrency.