Avian Labs, the company behind the crypto payment app Sling Money, has received approval from the U.K. Financial Conduct Authority to operate in the United Kingdom. This expands the service's presence in Europe after obtaining a license from the Dutch regulator under MiCA and confirms compliance with regulatory requirements across multiple jurisdictions.
What is Sling Money?
Sling Money is a mobile remittance app that allows users to send and receive digital dollars and euros using stablecoins. The app can be linked to a user's bank account, enabling direct transfers or holding funds within the app.
The service is developed and brought to market by Avian Labs. The company is already regulated as a Money Services Business by the U.S. Department of the Treasury and has obtained licenses in Europe, granting it formal access to operate in the region.
Approval from the Financial Conduct Authority
The FCA approval grants Sling Money the right to operate in the UK as a crypto service provider, enhancing trust among users and partners. This decision should be seen as part of a broader strategy to expand the service following the license from the Dutch regulator under MiCA, which opened access to the European Economic Area markets.
Regulatory compliance means the company has met accounting and control requirements for handling crypto assets in these jurisdictions. This includes collaboration with local partners and verification of fiat withdrawal processes through regulated providers.
Stablecoins and Their Role
Sling Money supports the US dollar stablecoin USDP from Paxos and the euro equivalent EURC from Circle, allowing users to transfer currency in the form of stable digital assets. These coins are used within the app to move value between users and for subsequent conversion into local currency.
Transfers on Sling are conducted on the Solana blockchain, enabling sending and receiving digital dollars and euros within seconds, while blockchain technology ensures transaction settlement and accounting. For an example of payment infrastructure development with stablecoins, see how Circle expands USDC usage in real-world payments.
Global Presence and Partnerships
Sling offers instant payouts in local currency across 80 countries through partnerships with regulated local providers, simplifying fund withdrawals for users worldwide. These partnerships enable converting digital money into fiat and receiving funds into local bank accounts or other channels.
At the time of the UK launch, the service is available in a closed beta program, allowing the company to test integrations and partnerships before broader access. For an example of stablecoin use in payments, see the article on paying with stablecoins.
Regulatory Achievements
Earlier in April, Sling obtained a license from the Dutch regulator under the MiCA framework, opening access to European Economic Area markets. This complemented the existing U.S. regulation as a Money Services Business and strengthened its position in international payment ecosystems.
Regulatory approvals indicate that Sling operates under established rules for payment service providers and can enter agreements with local financial counterparties to handle fiat withdrawals and comply with anti-money laundering regulations.
Why This Matters
For miners in Russia with 1–1000 devices, the main significance of this news lies in the ability to move funds quickly and cheaply. Sling supports USDP and EURC and processes transactions on Solana, enabling transfers between accounts faster than standard bank transfers.
Additionally, having regulatory licenses in the UK, under MiCA, and in the US increases trust in the service and makes the withdrawal process through partners in 80 countries more predictable. While this does not directly affect mining operations, it simplifies receiving and transferring mining revenue.
What to Do?
If you receive mining payouts and are considering Sling as a transfer channel, start by testing: open an account and try small transfers to evaluate timing, fees, and convenience of converting to rubles through partners. This will help determine how suitable the service is for regular payouts.
Check compatibility with your payment channels and local withdrawal provider conditions, monitor regulatory requirements and KYC documentation, and ensure the security of private keys and account access. These simple steps will reduce operational risks when using new transfer tools.