Avian Labs, the company behind crypto payments service Sling Money, received approval to operate as a crypto services provider from the UK’s Financial Conduct Authority, expanding its reach in Europe after obtaining a license from the Dutch regulator in April.
The approval places the peer-to-peer payments app among a growing cohort of crypto payments companies gaining regulatory backing in major jurisdictions as stablecoin-based transfers become more popular as an alternative to traditional cross-border payments. The expansion comes amid increased scrutiny of crypto services that increasingly resemble conventional financial infrastructure.
The app, which allows users to transact Paxos’ dollar stablecoin, USDP, and Circle Internet’s euro equivalent, EURC, can be linked to users’ bank accounts, allowing funds to be transferred directly in addition to holding them in the mobile app. Transfers are made 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 as a closed beta program in the UK.
The company is already regulated as a money services business with the US Treasury and in April received a license under the European Union’s Markets in Crypto Assets (MiCA) framework from the Dutch regulator, giving it access to all 30 countries in the European Economic Area.
