Avian Labs, the company behind crypto payment service Sling Money, received approval to act as a crypto service provider from the UK’s Financial Conduct Authority, expanding its reach in Europe after securing a license from the Dutch regulator in April.
The approval places the person-to-person payment app among a growing group of crypto-payments firms gaining regulatory backing in major jurisdictions as stablecoin-based transfers gain popularity as an alternative to traditional cross-border payments. The expansion comes amid increased scrutiny of crypto services that increasingly resemble mainstream financial infrastructure.
The app, which allows users to trade Paxos’ dollar stablecoin, USDP, and Circle Internet’s euro equivalent, EURC, can be linked to users’ bank accounts, allowing money to be transferred directly in addition to being stored in the mobile application. Transfers happen on the Solana blockchain, allowing users to send and receive digital dollars and euros worldwide in seconds.
Sling also offers instant withdrawals in local currency in 80 countries through partnerships with regulated local providers, according to the company’s website.
For now, Sling is only available as a closed beta program in the UK
The company is already regulated as a Money Services Business with the US Treasury Department and in April received a license under the EU’s Markets in Crypto-Assets (MiCA) framework from the Dutch regulator, giving it access to the 30 countries of the European Economic Area.
