Australian Crypto Exchange Swyftx Slashes Workforce, Replaces CEO

In a major shake-up, Swyftx, a prominent player in Australia’s cryptocurrency market, has reduced its workforce by nearly 20% as part of a strategic restructuring following major acquisitions and a significant fall in bitcoin’s price, which has impacted the company’s financial performance.

The company claims it is still in talks with some affected employees, so the exact number of job losses is not confirmed.

Meanwhile, the slash, which affected a substantial number of employees, also hit the C-suite, with a top dog getting the axe. The exchange removed Jason Titman, who it appointed CEO in the middle of 2024, and replaced him with co-founder Alex Harper and former Chief Financial Officer (CFO) Andrea Yuen, who would both serve as acting co-Chief Executives to take the helm.

Following the new appointment, Swyftx’s acting Chair, Cathryn Lyall, praised the duo’s leadership potential, highlighting their strengths in dealing with the upcoming regulatory changes. One of them, Yuen, who came on board as CFO in January 2025, has a strong background, having held senior positions at PwC, Lazard, and IRG.

Restructuring Amid Crypto Market Turmoil

According to a spokesman for the company, Swyftx made this big move to consolidate its recent expansions, including the acquisition of Easy Crypto, a crypto platform located in New Zealand, and Caleb & Brown, a specialist US-based brokerage firm. 

The company made the two acquisitions,  valued at about $32.9 million and over $100 million, respectively, in March and October 2025.

“We needed to restructure the business to remove duplication, simplify our operations, and capture efficiencies. Unfortunately, the proposals have resulted in a number of roles being put at risk of redundancy as we bring our teams together,” the spokesperson added.

This is not the first time Swyftx has slashed its workforce. In December 2022, the Australian company reduced its workforce by 40%, discharging around 90 employees, due to the crypto market downturn largely triggered by the popular FTX’s collapse. 

A few months before that, Swyftx reduced 21% of its workforce, firing about 74 employees, to adjust to the changing market conditions.

Industry-Wide Cuts and Challenges

Swyftx’s restructuring is part of a broader trend of job cuts in the crypto sector, amid a challenging market environment.

After climbing to an all-time high of over $126,000 in late 2025, fueled by institutional interest and optimism sparked by the Trump administration’s crypto-friendly policies, Bitcoin has been in a slump in recent times due to tariff tensions and market volatility.

Currently, the apex crypto asset is selling at around $71,000, which is affecting many crypto companies. Last month, the Algorand Foundation reduced its workforce by 25%, and Layer-1 blockchain Mantra Chain also restructured its workforce due to the market downturn.

Meanwhile, the ongoing trend also extended to the tech sector, with companies like Atlassian, WiseTech, and Oracle replacing some of their staff with AI.