The digital asset industry is frequently characterized as the "Wild West" of finance. While traditional markets are defined by decades of institutional history, rigid regulatory frameworks, and the predictable rhythms of legacy banking, the cryptocurrency sector remains a volatile, fast-moving, and often rebellious frontier. Nowhere is this contrast more evident than in the career trajectory of industry leaders who have successfully navigated the bridge between "TradFi" and decentralized finance.
In a recent, in-depth conversation on the CoinJournal podcast, Elijah Tan, the Vice President of Operations at the Philippines-based exchange Coins.ph, offered a rare glimpse into this transition. Tan’s journey—from the hallowed halls of Goldman Sachs to the high-stakes world of blockchain—serves as a case study for the professional migration of talent into the crypto ecosystem and the challenges of managing a major exchange during a period of intense global volatility.
Main Facts: A Career Defined by Transition
Elijah Tan’s professional narrative is one of calculated risk. Before the mainstream adoption of cryptocurrencies during the global COVID-19 pandemic, working in the blockchain sector was often viewed with skepticism by traditional financial institutions.
- The TradFi Foundation: Tan began his career at Goldman Sachs, a bastion of traditional finance, where the culture emphasizes stability, rigorous compliance, and established hierarchy.
- The Pivot: Choosing to leave a prestigious role at Goldman Sachs for the burgeoning blockchain space was, at the time, considered an unconventional and even "frowned upon" career move by many of his peers.
- The Crypto Evolution: After transitioning into the space, Tan spent significant time at Binance, the world’s largest cryptocurrency exchange by volume, before eventually taking his current leadership role at Coins.ph.
- The Current Role: As the VP of Operations at Coins.ph, Tan now oversees a critical infrastructure point in the Philippines—a country that has become a global epicenter for retail crypto adoption and play-to-earn (P2E) gaming.
Chronology: The Evolution of Market Sentiments
The trajectory of the crypto market has been anything but linear. To understand where the industry stands today, one must look at the timeline of the last five years:
1. The Pre-Pandemic "Renegade" Phase
Prior to 2020, crypto was a niche asset class. Professionals moving into the space were often seen as outliers. Tan recalls that leaving a major bank for a crypto startup was a decision that required a leap of faith, as the industry lacked the institutional credibility it enjoys today.
2. The COVID-19 Mainstream Explosion (2020–2021)
The pandemic catalyzed a digital transformation. With global lockdowns and stimulus measures, retail interest in Bitcoin and altcoins skyrocketed. This era also saw the meteoric rise of the Philippines as a hub for blockchain gaming, most notably through models like Axie Infinity, which allowed users to earn income through play-to-earn (P2E) mechanics.
3. The Great Bear Market and Regulatory Reckoning (2022–2023)
The landscape shifted drastically with the collapse of the Terra-Luna ecosystem, followed by the catastrophic implosion of the FTX exchange in November 2022. These events, coupled with rising interest rates, triggered a "crypto winter" that saw asset valuations plummet and regulatory scrutiny intensify globally.
Supporting Data: The Philippine Market Context
The Philippines holds a unique position in the global crypto landscape. According to various blockchain analytics firms, the country consistently ranks among the top nations globally for crypto adoption per capita.
- P2E Impact: The "play-to-earn" boom of 2021 was not just a gaming trend; for many Filipinos, it was a legitimate economic lifeline. However, as the bear market took hold, the sustainability of these models was questioned. Data shows a significant decline in active users for many P2E platforms as token rewards diminished in value.
- Institutional Resilience: Despite the downturn, exchanges like Coins.ph have had to pivot from "hyper-growth" strategies to "sustainability-focused" operations. The challenge for leaders like Tan is to maintain user trust and operational efficiency while the broader market faces a liquidity crunch.
Official Responses and Regulatory Shifts
The regulatory climate is arguably the most significant headwind for the industry today. The United States, often a trendsetter for global financial regulation, has taken a decidedly hawkish stance.
The Impact of US Enforcement
The recent actions taken by the Securities and Exchange Commission (SEC) and other regulatory bodies regarding stablecoins—such as the cessation of BUSD issuance—have sent shockwaves through the industry. Tan notes that these developments are not isolated to the US; they have "seismic implications" for exchanges worldwide. When the US sets a precedent, international regulators often follow suit, forcing exchanges to restructure their compliance departments rapidly.
The "Wild West" vs. Compliance
For an exchange like Coins.ph, the goal is to balance the innovative, permissionless nature of crypto with the stringent requirements of local regulators in the Philippines. Tan emphasizes that the era of "move fast and break things" is over. Modern exchange operations are now focused on robust KYC (Know Your Customer) protocols, anti-money laundering (AML) safeguards, and transparent reserves—a direct reaction to the FTX crisis.
Implications: The Future of Exchange Operations
As the industry matures, the role of an exchange executive has shifted from marketing and expansion to risk management and regulatory navigation.
1. The Shift to Institutional-Grade Security
The collapse of major players has forced exchanges to prove their legitimacy. The industry is currently moving toward "Proof of Reserves" and increased transparency, which is a necessary evolution for mass adoption. Tan’s experience at top-tier firms informs his current approach: security and trust are the only currencies that matter in a bear market.
2. Redefining the P2E Landscape
The "fall off a cliff" in P2E engagement has forced a shift in focus. It is no longer enough to offer games with token rewards; the sector is now moving toward "play-and-earn" or "fun-first" models. Exchanges are adapting by providing better educational tools and safer, more regulated entry points for users to engage with these decentralized economies.
3. Career Advice for the TradFi-to-Crypto Migrant
For those currently working in traditional finance who are considering a move into crypto, Tan’s trajectory offers a roadmap. The "rebellious" nature of the industry is being tempered by the need for traditional operational rigor. He suggests that the most valuable hires today are those who understand both the speed of blockchain and the discipline of institutional banking.
Conclusion: The Long Road Ahead
The conversation with Elijah Tan highlights a fundamental truth: the "Wild West" is being tamed. As crypto becomes more intertwined with global finance, the professionals who survive and thrive are those who can navigate the tension between innovation and regulation.
While the bear market has undoubtedly slowed the pace of speculative growth, it has served as a crucible for the industry. It has cleared out unsustainable models and pushed exchanges like Coins.ph to focus on what really matters: reliable technology, user protection, and long-term sustainability.
For those looking to enter the space, the "leap of faith" is now more grounded in professional substance than ever before. The future of crypto will not be built solely by coders or speculators, but by operators who can reconcile the legacy of Wall Street with the promise of a decentralized future. As the industry continues to evolve, leaders like Tan will remain at the forefront, bridging the gap between the chaotic, exciting potential of blockchain and the practical realities of a globalized, regulated economy.
Listen to the full interview with Elijah Tan:
- CoinJournal Podcast
- Spotify
- Learn more at www.coins.ph
