Crypto exchange Binance launched a luxury fragrance called "Crypto" just in time for International Women’s Day on March 8 to attract more women into crypto trading.
The unexpected marketing move aims to tackle the gender gap in the crypto world.
“What do you think ‘crypto’ smells like? This isn’t just a new merch launch, we want you to be part of the movement towards bridging the gender gap,” Binance’s Instagram post reads.
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Traditionally seen as a male-dominated space, Binance is hoping to use its "Crypto" perfume to entice more women into crypto, blockchain, and Web3.
“Bold, distinctive, and deliberately disruptive, CRYPTO isn’t a scent we’re marketing — it’s a message to women that they have a significant role to play in the crypto revolution,” Binance CMO Rachel Conlan said.
“We’re here to tell women everywhere: Don’t be a bystander. Break those glass ceilings, challenge existing narratives, and become part of this digital transformation that’s set to redefine global finance,” she added.
A Scent to Spark Conversation
The name "Crypto" might conjure up images of digital wallets and mining rigs, but the actual scent description is surprisingly nature-inspired.
"Crypto" is said to boast notes of ozone, salt, and moss, an olfactory experience that some might find intriguing, while others might be left scratching their heads.
The perfume itself is not available for purchase but rather served as a conversation starter during a marketing event centered on celebrating International Women's Day.
There’s still not enough women in crypto.
— Binance (@binance) March 6, 2024
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 representatives offered perfume samples to women at a mall in Bahrain, sparking curiosity and questions about the world of crypto.
Beyond the free perfume samples, Binance is offering a more concrete incentive for women to explore crypto.
The first 5,000 women who complete a beginner's course on the Binance Academy platform will receive $25 in USDT token vouchers.
This giveaway provides a practical way for women to learn the ropes and potentially start their own crypto journey.
A Fragrance to Mask the Scent of Trouble?
The "Crypto" campaign has garnered mixed reactions.
Some praised the initiative for its originality and attempt to challenge stereotypes.
Others found the perfume concept a bit too out there, while some are questioning if this is a marketing attempt to steer the conversation away from Binance’s troubles and improve its brand image.
Binance made crypto perfume in a baffling attempt to woo women https://t.co/A2vU7hSDww
— TechCrunch (@TechCrunch) March 6, 2024
Binance, the world's leading crypto exchange by trading volume, recently encountered significant challenges.
In June 2023, Binance and its founder Changpeng “CZ” Zhao were slammed with a lawsuit from the U.S. Securities and Exchange Commission (SEC), charging the exchange with 13 counts of fraud.
The following month, Binance's top executives resigned, and reports started circulating about a massive layoff.
In November, Zhao entered a guilty plea to violating the Bank Secrecy Act and not adhering to anti-money laundering regulations, agreeing to a $4.3 billion fine settlement with the U.S. Justice Department.
“Binance admits it engaged in anti-money laundering, unlicensed money transmitting and sanctions violations in largest corporate resolution to include criminal charges for an executive,” the DOJ wrote in a press release.
Zhao then stepped down from his executive positions at Binance, and his sentencing is set for next month.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
— CZ 🔶 BNB (@cz_binance) November 21, 2023
Binance is no longer a baby. It is…
Court documents released Tuesday revealed that these legal troubles ultimately led to Binance.US laying off two-thirds of its staff (over 200 employees) and experiencing a 75% decline in trading revenue.
The next day, Binance launched its “Crypto” perfume, fueling speculations that the exchange is trying to mask the scent of its troubles.
While Binance.US faced significant difficulties, there is a potential disparity between the U.S. and international markets.
A Binance spokesperson shared with TechCrunch that the company's international exchange achieved its highest trading volume in half a year last February.
