A Director Flees as CZ’s Army Closes In on BNB’s Biggest Treasury

CEA Industries Inc. (BNC) director Hans Thomas resigned from the board effective March 20, 2026, according to an SEC 8-K filing published March 23.

The departure comes as YZi Labs Management, a crypto-focused investment firm tied to Binance founder Changpeng Zhao, intensifies a months-long campaign to overhaul BNC’s leadership.

BNC Director Hans Thomas Exits as YZi Labs Tightens Grip on Board Battle

Thomas served as CEO of 10X Capital Asset Management, the firm that holds BNC’s 20-year Asset Management Agreement (AMA). YZi Labs has repeatedly targeted that deal, calling it a drain on shareholder value.

The company’s filing stated Thomas’s resignation was “not due to any disagreement” with management or the board. YZi Labs Investment Partner Alex Odagiu dismissed that language on X.

“Hans Thomas resigned from the $BNC Board… Of course, there was no disagreement! The 20-year AMA remains firmly in place… Hans is running for the exit, but the 20-year AMA remains. We aren’t done,” he noted.

YZi Labs Pushes for Full Board Control

YZi Labs filed a preliminary consent statement with the SEC, requesting that shareholders sign a WHITE consent card. The proposal would expand the board and elect up to seven new directors, including figures close to Changpeng 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.

BNC paid 10X Capital $2.0 million in management fees in the most recent quarter alone, 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.

BNC share price chart. Source: Google Finance

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.