This is Why Binance’s Women’s Day Campaign Stirred Controversy

Binance, the leading crypto exchange by volume, launched a unique fragrance named ‘CRYPTO.’ The campaign has received a mixed response from the community, with some roasting the crypto exchange.

This initiative, aiming to close the gender gap in the crypto industry, has ignited discussions on inclusivity, marketing strategies, and women’s representation in finance and technology.

Despite facing regulatory hurdles and operational challenges, including a guilty plea to money laundering charges and significant layoffs in its US division, Binance shifted its focus towards engaging women. The “CRYPTO” fragrance, also dubbed “Eau de Binance,” created by an all-female team, seeks to challenge stereotypes and attract women to the crypto ecosystem.

Rachel Conlan, Binance CMO, emphasized the campaign’s goal to be fun and boundary-pushing, intending to spark meaningful discussions around cryptocurrency in a welcoming manner.

However, the campaign has faced criticism. Some argue that focusing on perfume might reinforce traditional gender norms rather than dismantle them. This perspective was reflected in social media responses, with certain female users questioning the campaign’s ability to foster genuine gender inclusivity in the crypto industry.

“This is how we bridge the gender gap. More perfumes,” Betty, a female CEO sarcastically remarked on X.

Despite these critiques, Binance’s initiative highlights the important issue of gender diversity in finance and technology. Research indicates a stark gender disparity within the crypto sector, underscoring the need for inclusive strategies that extend beyond conventional marketing methods.

“We’ve framed a lot of crypto as being by the bros, the crypto bros, a very male-dominated space. So this is about being a little bit more tongue-in-cheek and teasing with the satirical, and about borrowing from the codes of the fragrance industry and the beauty industry, of things that grab attention,” Conlan said.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

How BeInCrypto Honors the Spirit of Women in Crypto

BeInCrypto is at the forefront of this movement, championing the spirit of women in crypto with a clear vision for a more equitable future. Under the stewardship of CEO and co-founder Alena Afanaseva, BeInCrypto is more than just a participant in the industry. It’s a pioneer advocating for gender inclusion and empowerment from the very beginning.

With a wealth of experience as a financial analyst, Afanaseva understands the gender limitations within the financial sector firsthand. Consequently, she founded BeInCrypto on principles of transparency and integrity. Moreover, her leadership exemplifies the conviction that women are integral to the crypto revolution. Currently, BeInCrypto boasts around 40% of women in its workforce, including women in leadership roles.

“Crypto industry does sometimes feel like a boys club. The whole industry has to become more inclusive,” Afanaseva told Forbes.

However, the broader crypto industry still leans heavily male, with only 5% of entrepreneurs and less than 10% of fund partners being women. This stark underrepresentation is alarming. Recognizing this, a recent Bitget study sheds light on the significant gender gap. It reveals that female-led blockchain startups receive only 6% of total funding. This report underscores the critical need for a more inclusive ecosystem.

Consequently, initiatives like Bitget’s “Blockchain4Her” have been launched, dedicating $10 million to support female-led businesses in the blockchain sector.

“Allocating a portion of investments to funds specifically focused on women entrepreneurs can provide crucial support and resources tailored to their needs,” Gracy Chen, Managing Director at Bitget, told BeInCrypto.

Read more: How To Fund Innovation: A Guide to Web3 Grants

The path toward gender equality in the crypto and Web3 industries is undoubtedly challenging. Yet, visionary leaders and dedicated initiatives are paving the way toward inclusivity. As the industry evolves, the essential role of women becomes increasingly apparent.