Major Australian cryptocurrency exchange Swyftx has laid off nearly 20 per cent of its workforce and replaced its chief executive, Jason Titman, after less than two years in the role, as the company restructures following major acquisitions and a sharp retreat in bitcoin prices.
The company confirmed on Thursday that co-founder Alex Harper and former chief financial officer Andrea Yuen have been appointed acting co-chief executives, replacing Titman, who joined Swyftx as an adviser before taking the top job in mid-2024. The board also announced Cathryn Lyall as acting chair.
In a statement, a Swyftx spokesman said the restructure was necessary to integrate the acquisitions of New Zealand exchange Easy Crypto, purchased for $32.9 million in March 2025, and US-focused boutique brokerage Caleb & Brown, acquired for more than $100 million in October.
“The Swyftx Group has increased in size and complexity over the last 12 months following two major acquisitions,” the spokesman said. “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 Brisbane-based company said it was still in consultation with some affected employees, meaning the final headcount figure had not yet been confirmed. A range of big tech companies have cut staff in recent months as AI has hit the industry, including Atlassian, WiseTech and Oracle.
Lyall said Harper and Yuen were “uniquely well-placed” to lead the business, pointing specifically to the looming regulatory environment as a key factor in the board’s thinking. Yuen, who joined Swyftx as chief financial officer in January 2025, formerly held senior roles at PwC, Lazard and IRG.
The leadership overhaul and job cuts come at a difficult moment for the broader crypto market. Bitcoin, which hit highs above $US126,000 ($178,000) in late 2025 on institutional enthusiasm and optimism generated by the Trump administration’s pro-crypto posture, has since retreated sharply as the president’s sweeping global tariff agenda rattled risk assets.
Founded in 2018 by school friends Alex Harper and Angus Goldman, Swyftx grew to become Australia’s second-largest cryptocurrency exchange, riding the 2021 bull market before the industry’s collapse exposed the fragility of its growth model. Harper and Goldman, both aged 31, remain the company’s largest shareholders.
The company fired 90 employees or about 35 per cent of its workforce in December 2022 amid a crypto downturn exacerbated by the collapse of FTX, compounding an earlier round of 74 redundancies the same year. The carnage ultimately produced a $135 million loss in the 2023 financial year, with revenue falling more than 70 per cent from its 2021 peak.
A planned $1.5 billion merger with budget stockbroker Superhero, which would have created a combined wealth management platform covering crypto, direct equities and superannuation, also collapsed in December 2022 amid regulatory hostility and governance concerns.
The company subsequently recovered strongly. It has committed tens of millions of dollars to sports sponsorships including the Brisbane Lions, NRL, Big Bash League and a two-year naming rights deal with Super Rugby Pacific as part of an aggressive push for mainstream brand recognition.
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David Swan is the technology editor for The Age and The Sydney Morning Herald. He was previously technology editor for The Australian newspaper.Connect via X or email.
John Buckley is a CBD columnist for The Sydney Morning Herald and The Age.Connect via email.