Yuzo Kano, one of the founders of the Japanese crypto exchange BitFlyer, has announced plans to return as CEO at the upcoming shareholder meeting in March. According to Bloomberg reportYuzo Kano sought to resolve the dispute between the current management and shareholders regarding the company with an IPO (initial public offering).
After stepping down from his position in 2019, Kano still has a significant influence on BitFlyer, as his shares are the company’s largest shareholder. Although he stepped down as CEO, he still holds a 40% stake in BitFlyer. And now he claims his return as CEO will accelerate the company’s growth to the international stage.
Kano Returns To Accelerate Web3 Growth In Japan
With over 2.5 million user accounts, BitFlyer is one of the largest cryptocurrency exchanges in Japan. The company has seen many international competitors leave the local space recently. For example, on December 28, 2022, Kraken declare closure of business operations in Japan in January 2023. And on January 18, Coinbase disclosed plans to suspend operations in Japan in 2023.
With these top crypto exchanges exiting the Japanese crypto market, one would think that BitFlyer would have more breathing room to carry out its activities. However, some internal disputes seem to be weighing on the exchange.
According to Kano, BitFlyer is a company without innovation. He says he will change that by pointing out problems that need fixing and correcting those who cause problems, including those who give false reports or slack off on duty.
Kano noted that BitFlyer stopped being innovative and introducing new products after he stepped down as CEO. But he plans to change that by adopting an approach that will speed up Web3 development in Japan. According to the co-founder, he wants to reintroduce Japan as a giant in the cryptocurrency ecosystem and can create international competition.
Furthermore, during an interview with Bloomberg, Kano said that he wants to introduce a stablecoin and build a token issuing service into the BitFlyer trading platform. In addition, along with the IPO plan in the coming months, Kano wants to change the BitFlyer blockchain to open source.
An initial public offering (IPO) is the process of opening the shares of a private company to the public by issuing shares for the first time. This allows the company to raise venture capital from public retail and corporate investors. This initiative is part of Kano’s strategy to accelerate BitFlyer’s growth and expand its operations into other crypto sectors.
Strict regulations will make Japan a world model in Crypto, Kano said
In addition to internal disputes, BitFlyer management problems partially sprouted from strict regulatory policies implemented by the Financial Services Agency of Japan in 2019.
The agency began cracking down on crypto exchanges in May 2019 as part of efforts to review money laundering policies. The move has put pressure on many cryptocurrency exchanges and startups in Japan.
Per report, Japan is the first country to open a registration system for crypto exchanges. But while other crypto exchanges are closing up shop in Japan in part due to regulatory pressure, Kano believes the country’s strict regulations will slow the world down.
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