Avian Labs, the entity behind the Sling Money crypto payments service, has obtained authorization from the UK's Financial Conduct Authority to operate as a crypto services provider, further expanding its European presence after securing a Dutch regulatory license in April. This development positions the person-to-person payments app alongside a growing number of crypto payments firms that are gaining regulatory approval in major jurisdictions, as stablecoin-based transactions gain popularity as an alternative to traditional cross-border payment methods. The expansion occurs at a time when crypto services, which are increasingly resembling mainstream financial infrastructure, are under heightened scrutiny. The Sling Money app, which facilitates transactions using Paxos' USDP stablecoin and Circle Internet's EURC, can be linked to users' bank accounts, allowing for direct fund transfers in addition to holding funds within the app.
Transactions are processed on the Solana blockchain, enabling rapid global transfers of digital dollars and euros. Additionally, Sling Money offers instant local currency withdrawals in 80 countries through partnerships with local regulated providers, as stated on the company's website. Currently, the service is only available in the UK as a closed beta program. The company is already registered as a Money Services Business with the US Treasury and, in April, received a license under the EU's Markets in Crypto-Assets framework from the Dutch regulator, granting access to the 30 countries within the European Economic Area.