Binance’s ‘Crypto Perfume’ for Women Receives Industry-Wide Criticisms

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Crypto exchange behemoth Binance has revealed a ‘crypto’ luxury perfume in a move to lure more women into the digital asset space. The fragrance was unveiled in conjunction with the International Women’s Day.

Rachel Conlan, Chief Marketing Officer at Binance, calls the campaign as “bold, distinctive, and deliberately disruptive.” She added that “it’s a message to women that they have a significant role to play in the crypto revolution.”

There’s still not enough women in crypto.

We've launched our new fragrance ‘CRYPTO’ as a new way to open up conversations with the public on what needs to be done to bridge the gender gap.

Find out more https://t.co/z2ICGrhSnCpic.twitter.com/LDTtLWME4o

— Binance (@binance) March 6, 2024

Binance’s marketing department noted that the core reason for the release of a crypto scent is “to encourage more women to learn and explore the world of cryptocurrency.”

With the release, Binance plans to reward incentives to initial 5000 women that complete beginner course on Binance Academy. Each successful grads will get $25 in USDT token vouchers, it added.

The new perfume is combining “finance with fragrance” with a label stating “Eau de Binance.” In addition to the release of a perfume, Binance is also holding local meetups and social media initiatives to discuss on the importance of womens’ role in the crypto space.

The troubled exchange underwent a lot of challenges in the recent past. The company’s CEO and co-founder Changpeng Zhao pled guilty over violating criminal U.S. anti-money laundering requirements in November 2023. Following the charges, he stepped down from the executive position at the crypto exchange.

Furthermore, the exchange faced numerous regulatory issues, including lawsuit from the US SEC, accusing Binance of violating federal securities law.

Crypto Perfume Receives Massive Backlash From Community

Soon after the release of a Binance ‘Crypto’ perfume, crypto critics lambasted the initiative, calling it ‘clumsy and sexist.’

Barbara Mahe, co-founder of Paris’ NFT Factory slammed Binance calling it a shame for pretending to care about gender equality.

“A fragrance will never convince any woman I know to start investing in crypto,” she wrote on X (Twitter).

Would men start investing in crypto if given a hammer to play with?
No.

Well, guess what, it’s the same for women.
A fragrance will never convinced any woman I know to start investing in crypto.

Shame on you @binance
For pretending to care about gender equality by… https://t.co/Xn5qUpWsgt

— Barbara Mahe (@mahebarbara) March 6, 2024

Users across the community blasted Binance for misunderstanding women’s interests. Mario Nawfal, a businessman and CEO of International Blockchain Consulting Group, compared Binance’s perfume with McDonald’s french fries perfume. He added, “Is it April 1st, and I missed it?”

Various users raised voice to give women more recognition and leading roles in the crypto sector instead of ‘crypto’ perfume.

Give women more recognition & leading roles… I promise you the last thing we want is a perfume called “crypto”

— vee (@lovennft) March 6, 2024

Women want a seat at the crypto table. They want access to generational wealth. Not a damn perfume bottle. pic.twitter.com/uyHhefMPVQ

— GIRL in the VERSE | Content Creator (@girl_intheverse) March 6, 2024

Arianna Simpson, General Partner at Andreessen Horowitz (a16z) where she invests in crypto, called the campaign “the dumbest thing.”

Ah yes! Nothing like perfume to solve the gender gap! As an actual woman in crypto, this is the dumbest thing I’ve ever seen https://t.co/2VzhIQ9Te3

— AriannaSimpson.eth (@AriannaSimpson) March 6, 2024

Brushing off the criticisms, Rachel Conlan noted that the initiative is to make sure that no women is left behind in the financial revolution.

“Our commitment to inclusion extends beyond mere rhetoric; we’re not just talking the talk, but backing it up with solid action by providing women with the educational resources they need to shape their financial futures and become active participants in this digital economy.”

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