Yuzo Kano, co-founder of Japan-based cryptocurrency exchange bitFlyer, is seeking to reinstate himself as CEO at next month’s shareholder meeting, in an apparent bid to reinvigorate what he claims is really stagnating.
Kano stepped down in 2019 after a series of management disputes but has now decided to revive the crypto company and lead it to an Initial Public Offering (IPO) in the coming months, according to a February 26 report by Bloomberg.
The former CEO also said that he also wants to put Japan back on the map in the cryptocurrency world.
“I will make it possible to fight on the international stage,” the bitFlyer co-founder told Bloomberg.
According to the interview, if restored, Kano intends to introduce stablecoins to the trading platform, to build a token issuing operation, and to open the “miyabi” bitFlyer block to the public, along with pursuing an IPO in the coming months.
Kano – who retained a 40% stake in the company despite his resignation – explained that during his tenure as CEO, bitFlyer stopped innovating and launching new products and services, which he intends to replace.
It’s “a company that doesn’t produce new things,” he said.
With more than 2.5 million accounts, bitFlyer is one of the larger cryptocurrency exchanges in Japan, which has recently outpaced several international competitors. On December 28th, Kraken announced the closure of its Japanese business, while Coinbase ended its Japanese operations on January 18th.
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Many of the management problems experienced at the company are partly due to regulatory pressure brought by Japan’s Financial Services Agency in 2018 to enforce stricter anti-money laundering policies.
Kano added that several CEOs have come and gone since then because, as bitFlyer’s largest shareholder, he has pointed out that there are shortcomings:
“It is my responsibility to point out problems and ask for improvements […] I scold people when they cause trouble, make false reports or fail to do something they are supposed to do.
However, the former CEO believes that the “extremely strict regulations” implemented could be a “model for the rest of the world.”