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BitFlyer faces leadership dispute as co-founder seeks to restore position as CEO

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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…

BitFlyer faces leadership dispute as co-founder seeks to restore position as CEO

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

Interpretation of the news:


The news that Yusan Kana, co-founder of BitFlyer, plans to propose a resolution at the shareholders’ meeting of the parent company in late March, seeking to restore his position as the chief executive of the exchange and guiding it towards an IPO, signals a power struggle within the organization. The company has been facing upheaval and uncertainty following Kana’s resignation as president. The proposal comes amid an ongoing dispute between the current management and other shareholders over control of the start-up, which has been impacting the company’s growth and progress.

Kana’s proposal highlights his belief that company performance has not been consistent with cost since his departure from the executive leadership position. He also pointed out that he hopes to restore his CEO role to strengthen BitFlyer’s internal control and compliance policies. By doing so, he aims to turn the company into a global startup with the ability to compete on the world stage. Kana’s proposal seems to be aiming to bring BitFlyer back to the time when it was growing exponentially, with him at the forefront.

The company’s attitude towards the proposal remains unclear. What is certain, however, is that the BitFlyer situation emphasizes the importance of ensuring smooth transitions of power within business organizations. Poor forecasting, scheming, and avoiding transparency, which leads to power grabs, create the ideal environment for a power struggle. The ongoing leadership dispute risks damaging the company’s reputation and growth prospects, and also harms the trust that shareholders and investors place in the organization.

In conclusion, Yusan Kana’s proposal to regain his position as CEO of BitFlyer aims to restore the company’s previous success and restore his leadership. The proposed IPO aims to help the company’s growth, which has stalled over the past few years, amidst internal leadership disputes. The proposed changes aim to improve internal control, compliance and ensure BitFlyer’s global competitiveness. The power struggle within BitFlyer is a cautionary tale for businesses- it underscores the importance of clear leadership transitions, solid governance, avoiding drama, and prioritizing open communication.

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