BitFlyer, a joint venture of Japan Cryptographic Exchange, seeks to reappoint as CEO and guides the company’s IPO

On February 27, it was reported that Yusan Kana, the co-founder of BitFlyer, plans to release a shareholder proposal at the shareholders’ meeting of the parent company in late March to restore his position as the chief executive of the exchange and guide him to conduct an initial public offering (IPO) to seek to end the dispute with the current management and other shareholders over the control of the start-up company. He pointed out that since he resigned as president, the company has not achieved results consistent with the cost. He pointed out that he hoped that after improving the company’s internal control and strengthening its compliance, the company would become a global startup that could compete on the world stage.

Interpretation of this information:

Yusan Kana, co-founder of BitFlyer, has announced his intention to release a shareholder proposal at the parent company’s shareholders’ meeting in March. The proposal suggests restoring his position as CEO of the company and conducting an IPO to resolve the ongoing dispute over the control of the startup. Kana believes that since he stepped down as president, the company has not been performing in line with costs. He has emphasized the need for internal control and compliance, stating that this will help BitFlyer become a global startup capable of competing globally.

BitFlyer was founded in 2014 as a cryptocurrency exchange in Japan. It quickly gained recognition and was ranked as the largest crypto exchange in Japan by trade volume in 2017. Despite its success, the company has been through a turbulent period since the co-founder resigned as president. Kana holds a significant portion of the company’s shares, and his proposal carries weight amongst other shareholders.

The proposed IPO is perceived as a way to generate funds and establish a higher valuation for the company. An IPO will also allow shareholders to exit their positions and realize any potential profits. However, Kana’s proposal is likely to face opposition from the current management and other shareholders who have been in charge of the company’s operations.

Kana’s insistence on internal control and compliance highlights the increasing regulatory scrutiny faced by cryptocurrency exchanges globally. The need to strengthen compliance procedures has become increasingly important, with more countries imposing regulations on cryptocurrency exchanges to deter money laundering and other illegal activities.

In conclusion, Yusan Kana’s shareholder proposal to restore his position as the CEO of BitFlyer and conduct an IPO is aimed at resolving the ongoing control dispute and generating funds for the company. His emphasis on internal control and compliance is a timely reminder of the regulatory challenges faced by Cryptocurrency exchanges globally.