I tried to construct a multiplication from $\mathbb{Q}/\mathbb{Z}\times \mathbb{Q}/\mathbb{Z}\to \mathbb{Q}/\mathbb{Z}$ defined as $\hat{x} \ast\hat{y} =\widehat{xy}$ and find a contradiction. But that didn't get me anywhere.
By this, I think you mean that you tried the "obvious" operation of just multiplying coset representatives. Someone really should address why this did not work.
This is destined to fail as long as the bottom of the quotient is not an ideal. For example we have
$(\widehat{1/2})(\widehat{1/3})=\widehat{1/6}$ and
$(\widehat{3/2})(\widehat{1/3})=\widehat{1/2}$, but obviously
$\widehat{1/6}\neq \widehat{1/2}$ despite
$\widehat{3/2}= \widehat{1/2}$, so multiplication isn't well-defined.
The trick observing that the ring cannot have identity (already in other solutions) is the slickest way of reasoning that it can't be made a ring with identity. Of course, without identity, you can always have the zero multiplication to make it into a rng.