Author of the news: Crypto Emergency
The Director of CEA Industries Inc. (BNC) Hans Thomas left the board of directors on March 20, 2026. Information about this appeared in the official Form 8-K submitted to the SEC on March 23. His departure coincided with increased pressure from the cryptocurrency investment firm YZi Labs Management, which has been seeking a complete change in BNC's management for several months. The company is closely linked to Binance founder Changpeng Zhao.
Resignation of Hans Thomas and the controversial AMA agreement
In addition to his work at BNC, Thomas served as CEO of 10X Capital Asset Management — a firm that holds a 20-year asset management agreement with BNC (AMA). This contract has been repeatedly criticized by YZi Labs as a threat to shareholder equity.
BNC's documents state that Thomas's departure is "not related to disagreements" with management. However, YZi Labs partner Alex Odagiou publicly mocked this wording, claiming that the top manager is "running for the exit" while the controversial agreement remains in effect.
Plans of YZi Labs to establish control
YZi Labs has filed a preliminary consent statement with the SEC, asking shareholders to sign a "white consent card". The initiative proposes expanding the board of directors and electing up to seven new members associated with the circle of Changpeng Zhao.
Currently, the BNC board consists of six people. Adding seven loyal directors would effectively transfer full control of the company and its treasury $BNB to YZi Labs. BNC claims to hold the largest corporate reserve of the token in the world.
In the last quarter, the company paid 10X Capital about $2 million in management fees, and since June 2025 — $3.8 million. YZi Labs also pointed out the shortcomings of the internal audit and criticized nearly $2 million in severance for former CEO David Namdari.
What will happen next
The future of the company depends on the board of directors' decision regarding the date of closing the register. If a date is set, shareholders will be able to formally vote on the new board composition and determine who will control the multimillion-dollar BNC assets.