BitFlyer’s Co-founder Plans to Regain Control and Seek an IPO

02/27/2023 00:28 • Blockchain Briefs • 86 views

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.

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

Analysis based on this information:

The news that Yusan Kana, the co-founder of BitFlyer, plans to propose a plan to regain his position as the chief executive officer of the company sheds light on the ongoing dispute between the management and its shareholders over the control of the start-up. According to reports, Kana intends to submit a shareholder proposal at the shareholders’ meeting of the parent company scheduled to take place later this month.

Kana, who resigned as president of BitFlyer in 2018, has been critical of the current management’s approach and the company’s performance since his departure. He argues that the company has not achieved results that justify its cost and has underperformed compared to other exchanges in the industry. The dispute over control and strategy has been brewing for some time, leading to an impasse that has hindered the company’s growth prospects.

In his proposal, Kana stated his desire to “restore the company to its original purpose of making cryptocurrency accessible to everyone” and to guide it towards conducting an IPO. He believes that this move will help the company cement its position as a global startup and enable it to compete on the world stage. To achieve this, he plans to improve the company’s internal control and strengthen its compliance mechanisms.

The proposal by Kana has implications for the future of BitFlyer and the cryptocurrency industry at large. The push for an IPO signals the growing mainstream acceptance of cryptocurrency and its potential as a viable investment option. Moreover, it may indicate a shift in the regulatory climate towards cryptocurrencies, as IPOs require greater scrutiny and compliance measures.

In conclusion, BitFlyer’s co-founder’s proposal to regain control and seek an IPO highlights the challenges facing the cryptocurrency industry and the growing importance of regulatory compliance. Whether Kana’s proposal will be accepted or not remains to be seen, but the move could have far-reaching consequences for the industry’s future.

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BitFlyer’s Co-founder Plans to Regain Control and Seek an IPO

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

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