Yuzo Kano, the co-founder of Japan-based cryptocurrency exchange bitFlyer, will seek to reinstate himself as CEO at a shareholder meeting next month.in an apparent attempt to reinvigorate what he claims is a stagnant firm.
Kano stepped down in 2019 after a series of management disputes, but is now determined to reinvigorate the cryptocurrency firm and move it toward an Initial Public Offering (IPO) in the coming months.according to a February 26 report from Bloomberg.
The former CEO added that he also wants to put Japan back on the map in the world of cryptocurrencies.
“I’m going to make him capable of fighting on the international stage,” he said. the bitFlyer co-founder told Bloomberg.
According to the interview, if he rejoins, Kano intends to introduce stablecoins to the trading platform, create a token issuance operation, and open bitFlyer’s “miyabi” blockchain to the public, as well as pursue an initial public offering in the coming months.
Kano, who maintains a 40% stake in the company despite his resignation, explained that during his absence as CEO, bitFlyer has stopped innovating and launching new products and services, something he intends to change.
It is “a company that does not produce anything new,” he said.
With over 2.5 million accounts, bitFlyer is one of the largest cryptocurrency exchanges in Japan, which has seen the departure of some international competitors recently. On December 28, Kraken announced the closure of its business in Japan, while Coinbase discontinued its operations in Japan on January 18.
Much of the management problems experienced at the firm were due in part to regulatory pressures imposed by the Japan Financial Services Agency in 2018. to adopt stricter money laundering policies.
Kano added that since then, several CEOs have come and gone because, as bitFlyer’s largest shareholder, he had pointed out where they were falling short:
“It is my responsibility to point out the problems and demand improvements […] I berate people when they cause trouble, make false reports, or don’t do what they’re supposed to do.”
Nevertheless, the former CEO believes that the “very high standards” set in place can serve as a “model for the rest of the world.”
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