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

Mar 16, 2023 | wjb news

Yuzo Kono, founder of bitFlyer, a cryptocurrency trading center based in Japan, is looking to restore his position as chief executive at next month's shareholder meeting, apparently to rebuild what he calls a stagnant company.

According to Bloomberg News on Feb. 26, Cano left office in 2019 after a series of executive disputes, but now regains confidence in the data encryption company and leads it to issue new shares (IPO) in the coming months.

The former chief executive also stressed that he was looking forward to giving Japan a place in the cryptocurrency world again.

"I can make it fight on the international stage," the BitFlyer founder told Bloomberg News.

According to the interview, if reinstated, Cano plans to introduce stablecoin on the trading website, create a token distribution business process, and open bitFlyer's "miyabi" blockchain technology to the public, while looking to launch IPO in the coming months.

Mr Cano, who still owns 40 per cent of the company after resigning, explained that bitFlyer had suspended innovation and new products and services during his resignation as chief executive, and he planned to change that.

He declared that it was a "company that does not make all new products".

BitFlyer, which has more than 2.5 million accounts, is one of the largest cryptocurrency trading centers in Japan, and some international competitors have recently left Japan. Kraken announced the closure of the Japanese business process on December 28th, while Coinbase suspended the Japanese business process on January 18th.

The vast majority of the company's management problems are partly due to increased regulatory pressure from Japan's Financial Agency in 2018 and demands for stricter existing policies on money laundering.

Mr Cano adds that since then, there have been a number of CEO back and forth, highlighting his shortcomings as the largest shareholder in bitFlyer:

"it is my responsibility to point out problems and ask for improvement at the same time." I can scold them when we create problems, make false reports, or don't do what they're supposed to do.

Even so, the former chief executive firmly believes that the "very strict rules" can serve as a "model for the rest of the world".