The co-founder of a Japanese-based crypto exchange BitFlyer Yuzu Kano plans to return to his previous role. Kano served as the chief executive of the firm whose efforts made BitFlyer become the leading Bitcoin exchange in Japan. The crypto mogul revealed plans on February 25 to return to BitFlyer to assist the company in adopting an initial public offering (IPO).
Kano’s Unexpected Comeback
On February 25, BitFlyer ex-chief executive Yuzu Kano announced plans to return to the crypto firm to oversee the implementation of an IPO. Kano stepped down from his role in 2019 following a backlash with the regulators.
Previously, Kano had revealed plans to establish the first crypto powerhouse, which exposed him to more regulatory troubles.
During Kano’s tenure, BitFlyer ranked among the leading crypto exchanges in Japan, with over 2.5 million customers. Following his unplanned departure, BitFlyer’s management appointed Yoshio Hirako as Kano’s successor.
Competing Interests Between BitFlyer Management and Shareholders
Besides his departure, Kano continued to support the operation of BitFlyer since he owns 40% of the company share. Kano’s departure was followed by a sluggish market that compelled the management to seek alternative plans.
After an embroiled discussion with the key stakeholder, they agreed to sell most firm shares to recoup investors’ assets.
In April 2022, a Singapore-based crypto firm ACA Group agreed to acquire BitFlyer Holdings. The acquisition failed to materialize due to the unsettled dispute between the shareholders and the management.
According to Kano findings, the acquisition plan aimed at eliminating him from BitFlyer.
Kano’s Next Move
As per Kano’s report, he plans to resolve the current dispute between the shareholder and BitFlyer’s management by overseeing the implementation of the IPO. In his statement, Kano pledged to push BitFlyer to enter global markets.
Meanwhile, BitFlyer chief executive Hideki Hayashi has confirmed that the unsettled disputes between shareholders will be resolved in the upcoming stakeholders’ engagement.
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