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The thing about IP is that protecting it isn’t a passive or automatic thing. A company or individual has to actively pursue legal protections. In most cases there isn’t a government body that goes around protecting some private company or individuals IP rights as a matter of public good.
Legally they cannot. They did it with the hope that Banksy wouldn’t bother calling them out on it or even find out about it. Large brands unfortunately do this with artists all the time, because in many cases the artists don’t have the time or money to legally get their money from the big brands.
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