A director fled as CZ troops approached BNB 's largest vault.

Hans Thomas, director of CEA Industries Inc. (BNC), has submitted his resignation from the board of directors effective March 20, 2026, according to SEC 8-K filings released on March 23, 2026.

Hans Thomas's departure comes amid a months-long campaign by YZi Labs Management, a crypto-focused investment firm linked to Binance founder Changpeng Zhao, to change BNC's leadership.

BNC CEO Hans Thomas steps down as YZi Labs tightens control in boardroom battle.

Hans Thomas previously served as CEO at 10X Capital Asset Management, which currently holds a 20-year Asset Management Agreement (AMA) with BNC. YZi Labs has repeatedly targeted this agreement, claiming it is the cause of the decline in shareholder value.

According to company records , Thomas's resignation was "not due to any disagreements" with the management or board of directors. YZi Labs' investment partner , Alex Odagiu, denied this information on X.

“Hans Thomas has just left the BNC Board of Directors… Of course there’s no disagreement! The 20-year AMA contract remains… Hans is leaving the company, but the 20-year AMA is still there. We haven’t stopped yet,” he commented .

YZi Labs is pushing for complete control of the board of directors.

YZi Labs has submitted a preliminary consent form to the SEC, requesting shareholders to sign a WHITE consent card. If approved, this proposal would expand the number of board members and elect up to seven new directors, including those close to Changpeng Zhao .

Currently, BNC's board of directors has six members. If seven more members are added, nominated by YZi Labs, the company will have almost complete control over BNC and its BNB holdings – which BNC claims is the world's largest Token holding by a single company.

BNC paid 10X Capital management fees totaling $2 million in the most recent quarter alone, bringing the total to $3.8 million since June 2025.

YZi Labs also pointed out major weaknesses in BNC's internal control system and the nearly $2 million severance package for outgoing CEO David Namdar.

The shareholder consultation process currently depends on whether the BNC board of directors decides on a date to confirm voting rights. If so, shareholders will officially decide who will control the company's future.