BitFlyer founder seeks to reinstate self as CEO, leading firm to IPO: Report

Yuzo Kano, the co-founder of Japan-based cryptocurrency speech bitFlyer, is seeking to reinstate himself arsenic CEO successful a shareholders gathering adjacent month, successful an evident bid to reinvigorate what helium claims is simply a stagnating firm. 

Kano resigned successful 2019 pursuing a bid of absorption disputes but is present determined to reinvigorate the crypto steadfast and pb it toward an Initial Public Offering (IPO) successful the coming months, according to a Feb. 26 report by Bloomberg.

The erstwhile CEO besides said helium besides wants to enactment Japan backmost connected the representation successful the satellite of cryptocurrency.

“I volition marque it susceptible of warring connected the planetary stage,” the bitFlyer co-founder said successful a caller interview.

Kano shared the Bloomberg station connected Feb. 27 to his 111,500 Twitter followers. Source: Twitter.

According to the interview, if reinstated, helium intends connected introducing stablecoins to the trading platform, physique a token-issuance operation, and open-source bitFlyer’s “miyabi” blockchain to the public, on with pursuing an IPO successful the coming months.

Kano — who retained a 40% involvement successful the institution contempt stepping down — explained that during his clip distant arsenic CEO, bitFlyer stopped innovating and launching caller products and services, which helium intends connected changing.

It is “a institution that produces thing new,” helium claimed.

With implicit 2.5 cardinal accounts, bitFlyer is 1 of the larger cryptocurrency exchanges successful Japan. Some of its competitors, specified as Kraken, precocious announced the closure of its Japan business connected Dec. 28, 2022, while Coinbase halted its operations successful the country connected Jan. 18, 2023. 

Related: Japanese Exchange bitFlyer Blockchain Arm Launches Consulting Service

Much of the absorption issues experienced astatine the steadfast came successful portion owed to regulatory pressures imposed by Japan’s Financial Services Agency successful 2018 arsenic a means to adopt much stringent wealth laundering policies.

He added that aggregate CEOs person travel and gone since past due to the fact that they Kano, being bitFlyer’s largest shareholder, pointed retired wherever they were falling short:

“It’s my work to constituent retired issues and request betterment [...] I reprimand radical erstwhile they origin problems, marque mendacious reports oregon neglect to bash immoderate they are expected to do.”

Nonetheless, the erstwhile CEO believes the “very strict regulations” acceptable successful spot tin service arsenic a “model for the remainder of the world.”