Kano, who stepped down from the role in 2018, is reportedly aiming to take the company public in 2021. The move would mark a major milestone for the Japanese cryptocurrency exchange, which has become one of the world's largest by trading volume.
Despite stepping down as CEO three years ago, Yuzo has continued to have a profound impact on the company, being its largest stakeholder. His influence has been instrumental in the firm's success, and his presence is still felt throughout the organization.
Yuzo Kano, the co-founder of Japan-based cryptocurrency exchange bitFlyer, is seeking to reclaim his position as CEO in a shareholders meeting next month, in an apparent effort to revitalize the company which he claims has become stagnant.
Kano resigned in 2019 following a series of management disputes but is now determined to reinvigorate the crypto firm and lead it toward an Initial Public Offering (IPO) in the coming months, according to a Feb. 26 report by Bloomberg.
The former CEO also expressed his desire to put Japan back on the global cryptocurrency map. “I will make it capable of competing on the international stage,” the bitFlyer co-founder declared in a recent interview.
According to an interview, if reinstated, Kano intends to introduce stablecoins to the trading platform, build a token-issuance operation, and open-source bitFlyer's "miyabi" blockchain to the public, while also pursuing an IPO in the coming months. Despite stepping down as CEO, Kano still retains a 40% stake in the company.
Kano believes that during his time away, bitFlyer has failed to innovate and launch new products and services, leading to the company becoming "a producer of nothing new".
With over 2.5 million accounts, bitFlyer is one of the larger cryptocurrency exchanges in Japan, while some of its competitors, such as Kraken, have recently announced the closure of their Japan business. Coinbase also halted its operations in the country in January 2023.
The management issues experienced at the firm have been attributed to the regulatory pressures imposed by Japan's Financial Services Agency in 2018, which sought to adopt more stringent money laundering policies.
Since its founding, multiple CEOs have come and gone at bitFlyer, the largest shareholder of which is Kano. Kano has taken it upon himself to point out where the company is falling short:
“It’s my responsibility to identify issues and demand improvement. I'm not afraid to reprimand people when they cause problems, make false reports, or fail to do what they are supposed to do.”
Despite this, the former CEO believes that the “very strict regulations” set in place can serve as a “model for the rest of the world.” He believes that these regulations can help to ensure that bitFlyer remains a leader in the industry, setting the standard for other companies to follow.
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