A new development has emerged regarding CEA Industries (BNC), a $BNB treasury company funded by YZi Labs, the investment arm of Binance, the world’s largest cryptocurrency exchange.
The development follows a long-standing governance dispute between YZi Labs, the company’s largest investor, and the CEA board of directors.
Following this development, Hans Thomas, executive of CEA Industries and founding partner of 10x Capital, resigned, or was forced to resign.
According to a company filing with the SEC, Hans Thomas resigned from his position with the company effective March 20.
The move comes at a time when YZi Labs (formerly Binance Labs) is putting pressure on the CEA to change its governance.
YZi Labs has repeatedly expressed concerns that the asset management agreement between CEA and 10X Capital Asset Management, of which Thomas is also CEO, would negatively impact shareholder value. As a reminder, in February, YZi Labs (formerly Binance Labs) announced that it believed 10X Capital and its affiliates had violated disclosure rules regarding their shares in BNC.
However, the company said Thomas’ departure was not due to internal disagreements regarding operations, policies or practices.
As Thomas left the company, YZi Labs also filed a notice with the SEC announcing its intention to add seven new members to the board of directors, which had been reduced to six by Thomas’ resignation.
With this move, CZ’s YZi Labs aims to gain full control over the $BNB treasure company.
*This does not constitute investment advice.

