In a move signalling the growing importance of digital currencies in legal and financial proceedings, the UK’s Insolvency Service has appointed its first-ever crypto intelligence officer. The role, filled by veteran investigator and former police detective Andrew Small, marks a critical step in the government’s efforts to recover digital assets tied to bankruptcies and criminal activity.
The appointment comes amid a dramatic rise in crypto-related insolvency cases, as ownership of digital assets among UK residents continues to climb.
Crypto’s Rise in Bankruptcy Cases
The Insolvency Service, an executive agency backed by the Department for Business and Trade, is responsible for tracing and reclaiming assets from individuals or companies undergoing insolvency proceedings.
According to a recent announcement by the agency, the number of cases involving cryptocurrency as a recoverable asset has increased by 420% over the past five years. In the 2019–2020 period, just 14 cases were recorded. By 2024–2025, that figure had surged to 59.
The financial value of crypto recovered in these cases has also grown exponentially. The Official Receiver Service, a division within the Insolvency Service, identified £523,580 (approximately $700,000) worth of cryptoassets in 2024–2025, an immense leap from the £1,436 (about $1,930) recovered in 2019–2020.
This growth mirrors broader adoption of crypto across the UK. A 2024 study by the Financial Conduct Authority (FCA) revealed that around seven million adults in the UK now hold some form of cryptocurrency, up from just 3.2 million in 2021. These assets include popular coins like Bitcoin as well as non-fungible tokens (NFTs).
Meet the UK’s First Crypto Intelligence Officer
Andrew Small, who joined the Insolvency Service in 2019 and now serves as crime team manager, will spearhead efforts to investigate and trace cryptoassets. His background includes nearly two decades in law enforcement, qualifying as a police detective in 2009 after beginning his police career in 2002.
“There has been a rapid rise in crypto ownership in the UK, and alongside that, we’ve seen a similar rise in cryptoasset ownership in bankruptcy cases,” said Small. “The Insolvency Service has a duty to trace and recover money and assets from individuals or companies in insolvency cases, and we work to return as much money owed to creditors as possible.”
He emphasised that crypto should not be viewed as untouchable during insolvency investigations. “Crypto is very much a recoverable asset,” Small explained. “My role will help the agency by providing specialist knowledge about the types of cryptoassets available and the associated technology used to buy, sell, and store them.”
A Strategic Push Against Financial Crime
Small’s appointment is part of a broader strategy by the Insolvency Service to strengthen its investigative capacity in the digital era. The agency’s 2023–2024 annual report highlighted the launch of a new “Anti-Money Laundering Intelligence Cell” in February 2024. Funded by the UK’s Economic Crime Levy, the unit has already made strides in targeting organisations involved in crypto scams, money laundering, and threats to national and financial security.
The Insolvency Service currently employs 1,715 staff, a slight increase from 1,637 in the previous reporting year. Small’s new position within the agency’s investigation and enforcement services team is expected to significantly bolster its ability to navigate the increasingly complex world of digital finance.
Future-Proofing the UK’s Financial Oversight
As crypto becomes more entrenched in mainstream finance, regulators and enforcement agencies face mounting pressure to adapt. The Insolvency Service’s move to embed crypto expertise within its investigative framework reflects a growing recognition that digital assets are now integral to modern financial ecosystems.
By appointing a dedicated officer with hands-on law enforcement and crypto investigation experience, the UK aims to stay ahead of the curve in holding individuals and companies accountable, ensuring that no matter the form, recoverable assets don’t slip through the cracks.
