bitFlyer, Bitbank CEOs Quit as VCs of Exchange Association

The CEO of a Japanese cryptocurrency exchange bitFlyer has stepped down from his role as the vice chairman of the recently established Japan Virtual Currency Exchange Association (JVCEA), a self-regulating collective of Japan’s licensed cryptocurrency exchanges.

Yuzo Kano, the bitFlyer boss, had emerged as a key figure in the JVCEA, which earlier this month drew up a set of proposed self-regulating guidelines for its members.

However, bitFlyer was last week hit with a business improvement order by the country’s financial regulator, the Financial Services Agency (FSA), along with five other licensed exchanges. The list also included Bitbank, whose founder and CEO, Noriyuki Hirosue, has also stepped down from his own role as JVCEA vice chairman.

Per the JVCEA, both vice presidents voluntarily tendered their resignations on June 25, and the JVCEA has now accepted their decisions.

A notice posted on the JVCEA website reads, “Our members will do their utmost to protect the interests and development of the cryptocurrency exchange industry, and will push ahead with the early adoption of a voluntary code of conduct.”

bitFlyer, Japan’s largest exchange, has also put its business development operations on hold in the wake of the FSA’s decision, and has temporarily stopped accepting applications for new accounts.