YZi Labs Accuses 10X Capital of SEC Disclosure Violations Amid BNC Governance Dispute

YZi Labs, the investment firm formerly known as Binance Labs, has publicly accused asset manager 10X Capital of failing to comply with US Securities and Exchange Commission (SEC) disclosure requirements related to its stake in CEA Industries (Nasdaq: BNC). The dispute highlights growing governance tensions at the BNB-focused public company and raises broader concerns for crypto investors monitoring corporate treasury strategies tied to the Binance ecosystem.

In an official statement, YZi Labs alleged that 10X Capital breached federal securities laws by not filing a Schedule 13D after surpassing the 5% ownership threshold in CEA Industries. Under US securities regulations, investors who acquire more than 5% of a publicly traded company must disclose their holdings to the SEC to ensure transparency around potential shifts in corporate control. YZi Labs claims that 10X Capital has held more than 5% of BNC shares since late 2025 but failed to make the required disclosure. The firm also alleged that 10X Capital founder Hans Thomas, a member of BNC’s board of directors, did not submit mandatory Section 16 filings detailing his initial share ownership.

The allegations come shortly after BNC rejected earlier claims by YZi Labs regarding Nasdaq compliance and the timing of its Annual Meeting of Stockholders. At the same time, BNC’s Board of Directors announced plans to renegotiate its Asset Management Agreement with 10X Capital, seeking reduced management fees, a shorter contract duration, and more flexible termination terms. The board described the move as part of a broader strategy to strengthen operational flexibility and enhance long-term shareholder value.

CEA Industries manages what it describes as the world’s largest corporate treasury of BNB, making its governance and asset management decisions particularly significant for crypto market participants. YZi Labs previously disclosed that it crossed the 5% ownership threshold and formed a shareholder group, actions that carry implications under both federal securities law and Nevada corporate law. As regulatory filings, ownership disclosures, and contract negotiations unfold, the dispute signals deeper questions about control, transparency, and strategic direction at the BNB-centric public company.