Yuzo Kano Returns to BitFlyer as the Chief Executive Officer

• BitFlyer has decided to reappoint Yuzo Kano as the company’s CEO.
• The decision came after the acceptance of Kano’s proposal for his return.
• Kano pointed out that he intends to bring stablecoins to the platform, leading it to an IPO.

The Japan-based crypto exchange BitFlyer has decided to nominate its co-founder, Yuzo Kano, as the company’s Chief Executive Officer for the second time. The source familiar with the matter reported that the company, after a long debate over BitFlyer’s ownership, has come to a conclusion to assign Kano the position of CEO.

Previously, in 2019, Kano resigned from the position of the CEO, after a series of management disputes resulting in the country’s Financial Services Agency (FSA) probing into the exchange, demanding stricter KYC and AML measures.

Nonetheless, in February 2023, Kano being a major shareholder of the company, with a 40% stake, shared his concerns regarding a return to the exchange, with an intention to lead it to an Initial Public Offering (IPO) in the upcoming months. He added that he would direct the company to an international level, commenting that he would “make it capable of fighting on the international stage”.

Significantly, Kano reassured that he would introduce stablecoins to the platform once he returns to the company. He added that his agenda is to build a token-issuance operation and to open the company’s “miyabi” blockchain to the public.

Interestingly, he pointed out the different executives who have taken the charge of the company, and exhibited just follies and drawbacks, commenting:

It’s my responsibility to point out issues and demand improvement […] I reprimand people when they cause problems, make false reports or fail to do whatever they are supposed to do.

On 30 March 2023, during the shareholders meeting, Kano’s proposal for the modification in the management and his volunteering to the former post, have been accepted.

Though the BitFlyer officials declined to comment, the person familiar with the matter asserted that Kano would return to his former post. The person was reluctant in revealing his identity as the matter hasn’t been yet publicized.

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