The UK Insolvency Service has taken a new step to deal with the growing presence of crypto in bankruptcy and criminal cases. It has hired Andrew Small, a former police investigator, as its first crypto intelligence specialist.
He will be part of the team within Investigation and Enforcement Services. The focus will be on tracking and identifying digital assets connected to individuals who are subject to insolvency proceedings or criminal investigations. The decision has been made following a significant increase in cases involving cryptocurrency.
The insolvency cases involving cryptocurrency have increased by 420% in the last five years. In 2019, there were only 14 such cases, whereas now it has gone up to 59. The amount of cryptocurrency discovered in these cases has also increased tremendously. Five years ago, it was just over £1,400. In 2024/25, it is more than £520,000.
Rise in UK crypto use drives new Strategy
The agency hopes to recover more money owed to creditors by tracking crypto assets. These assets include popular cryptocurrencies like Bitcoin and Ethereum, as well as tokens and NFTs. This was going to become necessary with the rising use of crypto among the UK population.
The latest research indicates that 12% of adults in the UK currently hold some form of cryptocurrency. This is a significant increase from 4.4% in 2021. Crypto constitutes an important part of how it is acquired, stored, and concealed. Andrew will be helpful in investigations by providing technical support as well as market knowledge.
His economic crime background makes him perfect for this assignment. Since cryptocurrency has now become an integral aspect of financial investigations, the agency requires that level of insight to effectively follow up and recover people’s debts.
Securing the future of financial recovery
The Official Receiver Service of the Insolvency Service seized more than half a million pounds worth of cryptocurrency in 2024/25 across 59 cases. It shows how digital assets are becoming more common in legal proceedings and financial matters.
The agency hopes that this new role will result in improved outcomes and increased returns for creditors. The Insolvency Service recruits a cryptocurrency expert as it prepares for a future where digital assets play an ever-increasing role in financial markets.
The aim is to make sure that no recoverable asset is overlooked, no matter how recent or complex it might be. The goal remains the same: to collect what is due and return it to those who are waiting for their money.
