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Binance Launches CRYPTO Perfume — But Why?

Last Updated March 7, 2024 10:21 AM
Teuta Franjkovic
Last Updated March 7, 2024 10:21 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • With its campaign, Binance tried to encourage women in crypto with educational initiatives and perfume launch.
  • Binance received massive backlash and was accused of sexism and misunderstanding women’s interests.
  • Critics demand more female hiring and inclusive practices, not perfume.

Binance is trying to innovate  at the crossroads of finance and fragrance with the launch of its perfume, CRYPTO.

Spearheaded by Binance’s cadre of female marketers, this groundbreaking, but weird, marketing initiative coincides with International Women’s Day.

Binance Wants to Boost Female Crypto Literacy with $25 Incentives

According to the exchange, this represents a key component of its strategy to encourage female participation in cryptocurrency.

Binance said  it wants to take a step to empower women in the cryptocurrency sector by offering $25 in USDT Token Vouchers to the first 5,000 women who complete a beginner’s course at Binance Academy.

This initiative  is part of a larger effort to enhance women’s understanding and involvement in cryptocurrency. Beyond the digital classroom, Binance is organizing meetups and stimulating discussions across social media and user-generated content.

The aim, according to the company, is to broadcast the critical contribution women can make to the crypto space, demonstrating how it can serve as a tool for financial empowerment, career advancement, and broader societal benefits.

Binance’s Campaign Draws Criticism for Being Clumsy and Sexist

However, and, maybe, for a reason, Binance’s campaign faced a backlash . It was met with ridicule and accusations of sexism within the crypto community.

The campaign, which previewed on Tuesday and unveiled on Wednesday, revolved around a perfume named “CRYPTO” or “Eau de Binance,” crafted by the exchange’s marketing team. Critics have lambasted the initiative, calling it ill-conceived and insensitive.

Barbara Mahe, co-founder of Paris’ NFT Factory blasted  the exchange by saying it should be shamed of itself.

She wrote :

“Shame on you, Binance for pretending to care about gender equality by creating an ad which is sexist on so many levels.”

Binance Perfume Campaign Criticized for Misunderstanding Women’s Interests

The “Eau de Binance” advertising campaign has faced criticism for seemingly misunderstanding female psychology. Nixo.eth , the executive director of ETHStaker, humorously remarked on the campaign’s approach by suggesting an exaggerated scenario where women are lured with pink Gucci purses and then educated about CEX-DEX arbitrage using oversized nets.

Further extending the satire, she proposed that Binance’s next move towards inclusivity might involve branding tampons with their logo. Her message highlighted the perceived disconnection between the campaign’s intentions and the actual interests and needs of women in the cryptocurrency space.

Arianna Simpson, a General Partner at Andreessen Horowitz, succinctly dismissed  Binance’s recent advertisement as “dumb”. Her brief but pointed criticism adds to the chorus of voices questioning the effectiveness and sensitivity of Binance’s marketing efforts.

Calls for Greater Gender Equality at Binance

Binance also shared a video  on social media where employees engaged women at an outdoor mall in Bahrain, distributing samples of their newly launched perfume as a conversation starter about cryptocurrencies and the prospects of investing in digital assets.

Women featured in the video expressed their apprehensions about investing in cryptocurrencies. They cited reasons like inherent cautiousness and a blend of curiosity mixed with fear. As a result, this highlighted the challenges and opportunities in fostering greater female participation in the crypto space.

Critics on Twitter have pointed to the “Eau de Binance” campaign as symptomatic of deeper cultural issues within the company. They suggested a more significant step toward gender equality  would be for the exchange to hire more women. The feedback is part of a broader conversation about the need for more inclusive and equitable practices within the crypto industry, especially in leadership roles.

Rachel Conlan, the Chief Marketing Officer at Binance, defended the campaign’s intentions. She also refuted claims that its emphasis on perfume perpetuated gender-related stereotypes.

In her X post she tried to explain :

“Our aim with this campaign, crafted by women, was simple and pure. We wanted to ignite conversation about the gender gap in the industry and inspire more women to venture into this space. It was not about marketing a new ‘Crypto’ fragrance, we chose to be bold and unconventional in our messaging.”

The Digital 2024 Global Overview Report , based on research conducted by the data company GWI, indicates that women’s participation in cryptocurrency remains below that of men. This gap is, at least in part, because of enduring gender imbalances within the finance industry. There are also societal biases, personal risk assessments, and a prevailing view of the cryptocurrency domain as predominantly male-centric to deal with.

Whether Binance will succeed to bridge this gap, only time will tell.

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