CZ-Backed YZi Labs Tightens Grip as BNC Director Resigns
A key director has stepped down from the board of CEA Industries Inc. (BNC) as a crypto investment firm tied to Binance founder Changpeng Zhao intensifies its campaign to take control of the company and its massive BNB treasury. Hans Thomas resigned from the board effective March 20, 2026, according to an SEC 8-K filing published March 23 .
Director Exits as YZi Labs Tightens Grip
Thomas served as CEO of 10X Capital Asset Management, the firm that holds BNC’s 20-year Asset Management Agreement (AMA)—a deal that YZi Labs has repeatedly targeted, calling it a drain on shareholder value. The SEC filing stated that Thomas’s resignation was “not due to any disagreement” with management or the board .
YZi Labs Investment Partner Alex Odagiu dismissed that boilerplate language on X, making it clear that the battle is far from over.
Hans Thomas resigned from the $BNC Board. The SEC filing includes the classic boilerplate that his sudden exit “was not due to any disagreement.”
— Alex (@odagius) March 25, 2026
Of course there was no disagreement! The 20-year AMA remains firmly in place, and the Board continues with an egregious structure…
📌 Twitter Embed Description: Alex Odagiu of YZi Labs dismisses the official resignation language, stating the 20-year AMA remains in place and that YZi Labs is “not done” with its campaign for board control.
“Hans is running for the exit, but the 20-year AMA remains. We aren’t done,” Odagiu noted, signaling that YZi Labs intends to continue its push for leadership changes .
YZi Labs Pushes for Full Board Control
YZi Labs Management, the crypto-focused investment firm tied to Binance founder Changpeng Zhao, has filed a preliminary consent statement with the SEC. The proposal requests that shareholders sign a WHITE consent card to expand the board and elect up to seven new directors, including figures close to Zhao .
BNC currently has six board members. Adding seven YZi-backed directors would hand the firm effective control over the company and its BNB treasury, which BNC calls the world’s largest corporate holding of the token .
Financial Stakes and Governance Concerns
The battle centers on BNC’s 20-year Asset Management Agreement with 10X Capital. In the most recent quarter alone, BNC paid 10X Capital $2.0 million in management fees, bringing the total to $3.8 million since June 2025 .
YZi Labs has also flagged material weaknesses in BNC’s internal controls and a nearly $2 million exit package for outgoing CEO David Namdar, arguing that these issues reflect poor governance that has eroded shareholder value .
What’s Next in the Board Battle
The consent solicitation process now hinges on whether BNC’s board sets a record date. If it does, shareholders will formally decide who controls the company’s future. YZi Labs has been rallying shareholder support, arguing that new leadership is needed to unlock value from BNC’s substantial BNB holdings .
For now, Thomas’s departure marks the latest escalation in a months-long campaign that pits a crypto investment powerhouse backed by one of the industry’s most influential figures against an incumbent board fighting to maintain its structure .
Sources: SEC Form 8-K, YZi Labs, Alex Odagiu, Google Finance.
