Governance Tensions Rise at BNC Over SEC Disclosure Allegations

Binance-affiliated investment firm YZi Labs publicly accused asset manager 10X Capital of failing to comply with US securities disclosure rules over ownership of CEA Industries, known by its Nasdaq ticker BNC. Both firms hold positions in BNC, which manages a large corporate treasury of BNB, and tensions have grown amid broader governance changes at the company.

YZi Labs says 10X Capital has held more than 5% of BNC’s shares since late 2025 but did not file a Schedule 13D to report that stake or disclose any coordinated action with other shareholders. The firm also alleged that 10X founder Hans Thomas, a BNC director, failed to submit required director ownership filings.

"SEC disclosure rules are not 'personal preferences' or 'optional housekeeping' – they are the baseline standard and non-negotiable obligations for anyone who wants a seat on a public company Board," said Alex Odagiu, an investment partner at YZi Labs.

United States

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