BitFlyer Founder Seeks To Reinstate Self As CEO
Press Release

BitFlyer Founder Seeks To Reinstate Self As CEO

written by John Murphy | March 1, 2023

Despite Yuzo Kano stepping down three years ago as the CEO. Since the CEO is the largest stakeholder in Japan-based crypto exchanges, the former CEO still resumes having domination over the company. 

BitFlyer which is a Japan-based crypto exchange, its co-founder who is Yuzo Kano is on the lookout to rehabilitate himself as the CEO again in the shareholders meeting that will be taking place next month that too in an evident bid that is to stimulate as to what he is claiming to be a stultify firm. 

Contrary to this, on February 26 Bloomberg reported that the former CEO resigned from his position in 2019 which was followed by a series of management fall-out. 

This is why the former CEO is particularly aiming to perk up the crypto firm and once again lead it towards the Initial Public Offering, otherwise known as IPO, that will be launching in the incoming months.   

It should be noted that Kano unquestionably voiced out that he is aiming to put Japan back on the map of the cryptocurrency world. 

The former CEO of BitFlyer told Bloomberg, 

“I will make it capable of fighting on the international stage,” 

In the report of Bloomberg, it was debated that if the re-established Yuzo is hoping to introduce the trading platform the stablecoins, in order to construct a token-issuance operation and to also disclose the Miyabi blockchain of BitFlyer to the public eye in the company with the lookout of IPO that will be coming in incoming months. 

The former CEO has a hold on to about 40 percent of the stake in the company even though he stepped down as the CEO. This was disclosed when he stepped down from his position as CEO. When he stepped down as the CEO, BitFlyer stopped the production and inauguration of their new products which the CEO is aiming to change. 

He exclaimed that it is a company that produces nothing new’. 

Not only this but also BitFLyer is considered to be the largest and greatest crypto exchange company in Japan due to its having over 2.5 million accounts. 

This company has caught glimpses of the withdrawal of a lot of international competitors. It was declared by Kraken on the 28th of December that they are terminating their Japan business. Whereas the Japanese operations by Coinbase were also discontinued as was announced on 18th January.  

Undoubtedly, the major portion of the management issues was brought to life due to bureaucratic pressure on the firm by Japan’s Financial Services Agency in the year 2018. This occasion took place to embrace more rigorous policies to launder more money.  

Kano particularly mentioned that there have been a lot of CEOs that came and went away since he stepped down from his position. Unquestionably as he is known to be the largest shareholder of BitFlyer, he identified where the CEOs were lacking and getting the job done right.