Binance CMO to Step Down

Binance Chief Marketing Officer Rachel Conlan is stepping down from her role after three years with the company to “focus on some personal priorities”. 

Rachel will remain with the company until 15 June to support the transition process and Eowyn Chen, the former CEO of Trust Wallet, will serve as her replacement on an interim basis.  

“I’ve loved working at this company and I’m proud of what we’ve built,” Rachel shared on LinkedIn. “When I joined, none of us could have predicted the ride – the intensity, the wins, the moments that genuinely shifted this industry. 

“We were at 150 million users back then. Being part of the journey to 317 million+ has been something else, and it's a real testament to our community-first approach.”

Eau de Binance

Rachel first joined Binance in 2023 as its Vice President of Global Marketing, before progressing to the CMO role in September 2023. 

She has led several partnerships and marketing initiatives during her tenure – including the launch of the company’s very own perfume. 

Launched for International Women’s Day, Binance released its ‘CRYPTO’ perfume, also referred to as Eau de Binance, designed to encourage more women to get into crypto. 

Rachel told TechCrunch at the time: “I think the goal of this is to be irreverent, to be fun, to try to push boundaries. While there’s always some people that will be upset, we’re confident this is opening up the discussion in the right way, and furthermore, we had an all female team that worked on this.”

The company made approximately 100 bottles of the perfume, which were available to be sampled at pop-ups in Bahrain. The “absurdity” of the promotion, as Rachel described it, was designed to direct women to the accompanying promotion that the first 5,000 women to complete a beginner course on Binance Academy could earn around US$25 in Tether. 

Rachel told TechCrunch: “The last thing I’d want for this is to be patronizing. What I want is to be tongue-in-cheek. 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.”

Marketing shakeups in the crypto industry

Changing crypto markets have led to a reduction in marketing spend and shifts in strategy for several organisations. 

Last year, ByBit ended its Formula One sponsorship – Red Bull’s second largest commercial deal and the largest single per-annum cryptocurrency sponsorship in international sport at the time. 

According to CEO Ben Zhou, the decision to not renew the sponsorship deal was made because its commercial value was declining as costs increased. 

Steven Kalifowitz, the Chief Marketing Officer of Crypto.com, has also announced that he will be leaving his role as of 30 June and continue on as advisor to the CEO. 

In his role, he oversaw more than US$1bn spent on partnerships and campaigns within the company.

Discussing his departure, Sven said: “Six years ago, I joined Crypto.com with an ambitious (many said unattainable) goal: take a little known crypto app and build it into a global brand that is a household name. We built a world class marketing team and did exactly that.

“With the brand now more recognised than ever, I’ve made the decision to step down as CMO, effective June 30, and begin my next chapter.”