Begbies Traynor launches forensic investigation business for digital assets

In a tightening forensic investigation market, Begbies Traynor Group is launching a new digital asset investigations unit. The firm will partner with blockchain company Chainalysis to tackle digital asset fraud, build risk and compliance frameworks and trace and recover digital assets across wallets for clients around the world.

According to research from Ibis World, the forensic accounting services market in the UK stood at £2.4 billion, with narrow growth set to lift that to £2.5 billion in 2025. As operators in the key segments of fraud detection and response, economic damage valuation, litigation support, and expert witness services look to boost their prospects, many are turning to technology to supercharge their offerings.

To get ahead of the curve, Begbies Traynor Group – which reported a 1.1% profit margin, despite 12% revenue growth in the UK in 2024 – has announced a new partnership with Chainalysis, a US-based blockchain analysis firm headquartered in New York City. Founded in 2014 by Michael Gronager, Jan Møller and Jonathan Levin, the company is dedicated to the business of Bitcoin tracing – helping it to develop technology which Begbies Traynor is now looking to deploy to other forms of asset tracing.

The consultancy’s new digital asset investigation unit has been launched to tackle digital asset fraud, build risk and compliance frameworks and trace and recover digital assets across wallets, exchanges and decentralised finance platforms for clients. Using experience across Begbies Traynor Group, including forensic blockchain analysis, legal investigations, advisory, banking and insolvency, the unit supports clients with cases of personal or company insolvencies across a range of corporate, public sector and financial services clients.

Brian Simpson, partner at Begbies Traynor, commented, “As digital assets become ever-present in our lives there are unique challenges ahead to corporates, public sector and financial services as they adapt to the use of virtual assets. Our digital asset investigation unit, paired with our industry expertise across forensics, advisory, insolvency and investigations, is able to provide urgent support to help users confidently navigate the ever-evolving digital asset market.”

Chainalysis

Blockchain intelligence provider Chainalysis will help deliver this, with access to Reactor, an advanced blockchain investigations platform. This will allow members of Begbies Traynor’s new unit to trace digital assets and investigate suspicious activity, with in-house Reactor investigators holding the Chainalysis Reactor Certification (CRC) and the Chainalysis Cryptocurrency Fundamentals Certification (CCFC).

“It is evident that there is significant potential in the digital assets space for investors, businesses and financial institutions alike. We have built this Digital Asset Investigation Unit because the emergence of opportunities can attract increased risk. The skills and experience within this Unit will ensure that success does not have to mean taking on undue or unknown risk.”

Why the alliance offers a new opportunity for Begbies Traynor to boost sales in a tightening forensic accounting market, it also presents chances for Chainalysis to solidify its own base. While customer count has increased by 75%, surpassing 750 across 70 countries, showcasing the growing demand for the company’s services, Chainalysis is not yet profitable, something which influenced recent layoffs affecting over 15% of its staff as it pivots toward government contracting.