Avian Labs, the company behind crypto payments service Sling Money, has received approval from the UK’s Financial Conduct Authority to operate as a crypto service provider, expanding its reach in Europe after securing a license from the Dutch regulator in April.
The approval places the person-to-person payments app among a growing cohort of crypto payments companies enjoying regulatory support in major jurisdictions, as stablecoin-based transfers become increasingly popular as an alternative to traditional cross-border payments. This expansion comes amid increased scrutiny of crypto services that increasingly resemble traditional financial infrastructure.
The app, which allows users to transact with Paxos’ stable dollar, USDP, and Circle Internet’s euro equivalent, EURC, can be linked to users’ bank accounts, allowing funds to be transferred directly in addition to being held within the mobile app. Transfers take place on the Solana blockchain, allowing users to send and receive digital dollars and euros around the world in seconds.
Sling also offers instant local currency withdrawals in 80 countries through partnerships with regulated local providers, according to the company’s website.
For now, Sling is only available in closed beta in the UK.
The company is already regulated as a money services business with the US Treasury and received a license under the European Union Markets in Crypto Assets (MiCA) framework from the Dutch regulator in April, giving it access to all 30 countries of the European Economic Area.
