BNP Plus Dumps Crypto Manager Amid Nasdaq Trading Suspension

BNB Plus, formerly Applied DNA Sciences, has parted ways with its crypto manager Cypress after Nasdaq suspended trading of its stock BNBX. The July 23 settlement marked the end of a digital-asset management agreement and other agreements between BNB Plus and Cypress.

The deal saw BNB Plus agree to pay $1 million in cash and issue 200,000 preferred shares to terminate its relationship with Cypress. However, no one has been named as the new chief investment officer or asset manager, leaving the company without someone in charge of its treasury.

Cypress had held discretionary authority over BNB Plus's crypto accounts and wallets under the agreements, which have now ended. The settlement also included a standstill through September 29, 2030, for Cypress, as well as the rescission or modification of nearly 2 million warrants.