- The new Binance fragrance has sparked controversy among the crypto community.
- The exchange’s initiative is targeted at promoting gender inclusivity.
- Binance’s efforts have been criticized as stereotypical and disrespectful to women in crypto.
The crypto industry has long grappled with the question of gender diversity, characterized by the domination of men and the underrepresentation of women. From crypto ownership to leadership, women make up a significantly lower percentage than their male counterparts, representing only 37% and 13%, respectively. This has spurred a global conversation across the industry regarding the need for extensive measures and initiatives to bridge the long-standing gap and foster a gender-balanced ecosystem.
Joining in the efforts is the world’s largest crypto exchange, Binance, albeit with a questionable approach.
Binance Fragrance Campaign for Women
On Wednesday, March 6, Binance unveiled “CRYPTO,” a women-centric fragrance line allegedly aimed at fostering gender inclusivity within the industry, ahead of International Women’s Day on March 8.
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Tagged “bold, distinctive, and deliberately disruptive,” the new Binance fragrance aims to address the underrepresentation of women in crypto and encourage more female engagement with the asset class and broader ecosystem.
The move has failed to spur the excitement Binance expected, prompting the question of the effectiveness of its approach.
A Poor Sexist Trope That Lacks Substance
Despite the exchange’s claims that the new women’s fragrance was “orchestrated by Binance’s female marketing leaders,” the initiative feels like one conceived and pushed by men, primarily due to its stereotypical approach: surely women will like a perfume, right?
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Reducing women to a hyper-feminized group attracted to scents and beauty undermines the entire reason there’s a need for meaningful efforts to promote gender diversity in the industry. Rather than a high-profile publicity stunt that offers no real tangible action, why not introduce impactful educational workshops, summits, and training programs to foster knowledge of the industry among women—all of which could easily be orchestrated by the largest exchange in the world?
Binance CMO Rachel Conlan emphasized that the message behind the fragrance was purposeful, stating: “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.”
Conlan’s message is well-intentioned and makes all the right points. Women should not be bystanders to the success of an industry that has largely been a boys club. However, words become vague platitudes when not backed up by real, meaningful action.
If Binance intends to spark important dialogues across the industry, why is the “initiative” confined to a single mall-based pop-up stand in Bahrain with just 100 samples? If the “tongue-in-cheek” approach purported by Binance’s marketing department were truly the motive, even this does not feel like it was given serious consideration. At which point are women offered the chance to break glass ceilings?
The disappointing neglect of substantial efforts to address the underrepresentation by the exchange, particularly given its size and reputation, drew criticism from women across the industry, who condemned its approach as more alienating than empowering.
A common response was disgust at what a “crypto” fragrance would smell like.
“I thought this was a joke” X user Rondelle commented, before bemusedly asking, “how did this idea get through?”
Seasoned crypto reporter Jacquelyn jokingly emphasized that a “crypto” fragrance will repel women rather than attract them, doubling on the prevailing sentiment of the exchange’s failure.
Addressing gender imbalance in the industry requires stronger and intentional efforts rather than vague actions that fail to effect real change.
On the Flipside
- According to a January 2024 report, the rate of crypto ownership by women has recently surged from 18% to 29%.
- The gender disparity in crypto extends beyond ownership and leadership, also impacting the success rate of female-led start-ups in funding allocations.
- Binance has faced scrutiny throughout the year due to regulatory troubles.
Why This Matters
Despite its intentions to promote female engagement in the crypto industry, the Binance fragrance launch falls short of addressing the severity of the present gender gap. The disparity in the representation of men and women is extensive, and demands more robust and comprehensive measures to bridge the gap effectively.
Read on to discover more about the women making their mark in the industry despite the prevailing male domination:
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