Yuzu Kano, the co-founder of Japanese crypto exchange BitFlyer, is reportedly planning to retake his old position as chief executive officer of the firm, according to a Bloomberg report.
Kano’s proposal to reassume the CEO role and pursue an initial public offering will be presented to shareholders next month in a bid to put to rest a dispute between shareholders and the company’s management, said Bloomberg.
Kano, who stepped aside from the role of CEO in 2019, owns 40% of the company, according to Bloomberg. Currently, he serves as the CEO of a BitFlyer subsidiary, BitFlyer Blockchain Inc.
An earlier bid to sell BitFlyer last year was defeated by Kano, who reportedly said that the Singapore-based fund ACA Partners “wanted to get rid of me, both as a shareholder as well as the representative of a subsidiary.”
Issues involving BitFlyer shareholders will be addressed at the forthcoming meeting according to BitFlyer's current CEO, Hideki Hayashi, who Bloomberg said declined to address Kano’s statements.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.