Despite stepping down as CEO three years ago, Yuzo Kano continues to have a significant impact on the company, as he is the largest stakeholder in the Japan-based crypto exchange.
Yuzo Kano, co-founder of Japan-based cryptocurrency exchange BitFlyer, is seeking to reinstate himself as CEO at a shareholders meeting next month, reinvigorating what he claims is a stagnant company Apparently they are trying.
On February 26, Bloomberg reported that Kano stepped down in 2019 after a series of management controversies but now determined to reinvigorate the crypto company and move it towards an initial public offering (IPO) in the coming months are.
The former CEO also said that he also wants to put Japan back on the map in the cryptocurrency world.
“I’m making it able to fight on the international stage,” one of BitFlyer’s co-founders told Bloomberg.
According to the interview, if Kano returns to work, he plans to offer Stablecoin in trading platforms, build a token issuance business, and open source BitFlyer’s “Miyabi” blockchain to the public, in the coming months f There will be a follow-up IPO.
Kano – who retained a 40% stake in the company despite his resignation – explained that during his time away as CEO, BitFlyer had stopped innovating and launching new products and services, as he intended.
“The company is not producing anything new,” he claimed.
With over 2.5 million accounts, BitFlyer is one of the largest cryptocurrency exchanges in Japan, which has recently seen some international competitors. On December 28th, Kraken announced the suspension of its Japanese operations, while Coinbase ceased operations in Japan on January 18th.
RELATED: Japanese exchange BitFlyer blockchain arm launches consulting service
Many of the management problems at the company were partly due to regulatory pressure imposed by the Japanese Financial Services Authority in 2018 to adopt stricter money laundering policies.
Cano said several CEOs have come and gone since then as BitFlyer’s largest shareholder, pointing out where they operate:
“My responsibility is to point out issues and call for improvements […] I reprimand people when they cause trouble, make false reports or fail to do whatever they’re supposed to do.” .”
Nevertheless, the former CEO believes the ‘very stringent regulations’ imposed could serve as ‘a model for the rest of the world’.