- Yuzo Kano, co-founder and former CEO of BitFlyer Holdings Inc., wants to return as CEO and lead the company to an IPO.
- Kano claims that BitFlyer has stopped innovating since his departure.
- The former CEO plans to open-source BitFlyer’s blockchain, and introduce stablecoins, among other plans.
In an effort to resolve a dispute with the current management and other shareholders over control of BitFlyer Holdings Inc., co-founder Yuzo Kano seeks to return to his role as CEO of Japan’s largest cryptocurrency exchange. Kano expects to reclaim his position as CEO in a meeting with shareholders next month, a report reveals.
After resigning in 2019 due to internal conflicts, Kano wants to revitalize the cryptocurrency firm and guide it toward an IPO (Initial Public Offering). The former CEO has also stated his desire to restore Japan’s dominance in the cryptocurrency industry.
“I will make it capable of fighting on the international stage,” Kano said in a recent interview.
According to his interview, if he is reinstated, he plans to open-source BitFlyer’s “miyabi” blockchain to the public and introduce stablecoins to the trading platform, alongside the plans for an IPO. Kano, who stepped down as CEO but kept a 40% share in the firm, said that while he was away, BitFlyer ceased innovating and introducing novel products and services.
Furthermore, he mentioned that several CEOs have been and gone since his departure, adding:
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.
BitFlyer is one of the largest Japanese cryptocurrency exchanges, serving over 2.5 million users. The firm’s administrative issues were partly driven by Japan’s Financial Services Agency’s 2018 regulatory standards to implement stricter money laundering measures. Nonetheless, the former CEO thinks the “very strict regulations” implemented could serve as a “model for the rest of the world.”