Avian Labs, the firm behind the crypto payment platform Sling Money, has secured approval from the U.K.’s Financial Conduct Authority to function as a crypto services provider, enhancing its presence in Europe following a license obtained from the Dutch regulatory body in April.
This approval positions the app for person-to-person payments among an increasing number of crypto payment companies receiving regulatory endorsement in key regions, as stablecoin-based transactions grow in popularity compared to conventional cross-border payment methods. The expansion comes during a period of intensified scrutiny over crypto services that closely mimic traditional financial systems.
The application enables users to conduct transactions using Paxos’ dollar stablecoin, USDP, and Circle Internet’s euro counterpart, EURC. It can be linked directly to users’ bank accounts, facilitating direct fund transfers while also allowing funds to be stored within the mobile app. Transfers are executed on the Solana blockchain, allowing users to send and receive digital dollars and euros globally in mere seconds.
Sling additionally provides instant local currency withdrawals across 80 countries through collaborations with regulated local entities, as stated on the company’s website.
Currently, Sling is available exclusively as a closed beta program in the U.K.
The company is already regulated as a Money Services Business with the U.S. Treasury and, in April, obtained a license under the European Union’s Markets in Crypto-Assets (MiCA) framework from the Dutch regulator, granting it access to all 30 countries within the European Economic Area.
