Yuzo Kano, the co-founder of Japanese cryptocurrency exchange bitFlyer, is seeking to reinstate himself as CEO at next month's shareholder meeting, in an apparent effort to revive what he says is a stagnant company.
Kano resigned in 2019 following a series of management disputes, but is now determined to revive the cryptocurrency firm and lead it through an initial public offering in the coming months, according to a Feb. 26 report from Bloomberg. (IPO). The former CEO also stated that he also wants to bring Japan back on the stage of the cryptocurrency world.
“I will make it capable of fighting on the international stage,” the bitFlyer co-founder told Bloomberg. According to the interview, if resumed, Kano intends to introduce stablecoins to trading platforms, establish a token issuance business, and open bitFlyer’s “miyabi” blockchain to the public, and seek an IPO in the next few months.
Kano, who retains a 40 percent stake in the company despite stepping down, explained that during his absence as CEO, bitFlyer stopped innovating and launching new products and services, which he intends to change. It's "a company that doesn't make any new products," he claims.
With more than 2.5 million accounts, bitFlyer is one of the larger cryptocurrency exchanges in Japan, with some international competitors leaving recently. On December 28, Kraken announced the closure of its Japanese operations, while Coinbase ceased its Japanese operations on January 18. Many of the management issues the company has encountered are due in part to regulatory pressure from Japan's Financial Services Agency in 2018 to adopt stricter money laundering policies.
Kano added that since then, multiple CEOs have come and gone, as he, as bitFlyer’s largest shareholder, pointed out their shortcomings: “It’s my responsibility to point out issues and demand improvement I reprimand people when they cause problems, make false reports or fail to do whatever they are supposed to do.”
Still, the former chief executive believes the "very strict rules" put in place could serve as a "model for the rest of the world".
