According to reports, Yuzo Kano, co-founder of bitFlyer, a prominent Japanese cryptocurrency exchange, plans to seek re-election as CEO in an upcoming shareholder meeting. He believes that the company has been in decline and needs revitalization.
bitFlyer is one of Japan’s largest cryptocurrency exchanges with over 2.5 million users. Kano owns 40% of the company despite stepping down as CEO in 2019 amid management disputes.
Kano stated that he had observed the shortcomings of previous CEOs and that it is his responsibility to highlight issues and demand corrections by reprimanding those who cause difficulties, make false reports, or fail to fulfill their expected duties.
Kano pointed out that bitFlyer stopped innovating and introducing new products and services since he left, but he intends to change that. He said if granted another opportunity, he would make bitFlyer’s Miyabi blockchain available to the public as open-source software, introduce stablecoins to the trading platform, establish a token-issuance enterprise, and aim for an IPO in the near future.
Kano wants to re-establish Japan as a major player in the cryptocurrency industry and lead bitFlyer toward an IPO within the next few months. He said, “I will make it capable of fighting on the international stage.”
BitFlyer’s CEO, Hideki Hayashi, who was representing the company’s president at the time, Masaaki Seki, did not respond to Kano’s remarks as per the report. Hayashi stated that all concerns related to shareholders would be discussed in a later meeting.
Kraken, a US-based cryptocurrency exchange, announced on December 28 that it was shutting down its operations in Japan due to the adverse global economic downturn and current conditions of the crypto market in Japan. Kraken’s decision came after some foreign competitors left the Japanese market.
Coinbase, another US-based cryptocurrency exchange, also temporarily suspended operations in Japan on January 18, citing challenging market conditions as the main reason for the decision.
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