Avian Labs has been approved by the UK FCA to offer cryptocurrency payments.

Avian Labs, the developer of the Sling Money app, has been approved by the UK Financial Conduct Authority (FCA) to operate as a cryptocurrency service provider.

The app supports blockchain-based money transfers via Solana and allows near-instant withdrawals in local currencies in 80 countries. Sling Money is regulated in the Netherlands and the US, and is currently undergoing closed beta testing in the UK.

FCA approves Sling Money in the UK.

On December 24th, Avian Labs received approval from the FCA to operate as a cryptocurrency service provider in the United Kingdom.

This move establishes the legal basis for Sling Money to offer services in the UK market while the app is still in a closed beta testing phase. Obtaining FCA approval is a crucial condition for product deployment under the local regulatory framework.

Prior to expanding in the UK, Sling Money already had regulated status in two other markets, the Netherlands and the US, indicating the app's pursuit of multi-regional compliance when offering cryptocurrency-related services.

How Sling Money works: Solana and local currency withdrawals

Sling Money allows users to transfer funds via the Solana blockchain and withdraw local currency almost instantly in 80 countries.

The application utilizes Solana infrastructure for money transfers while focusing on providing a fast local currency withdrawal experience for end users. A key feature is its near-instantaneous withdrawal capability, reducing latency when converting cryptocurrency to fiat currency in many markets.

Spanning 80 countries, Sling Money positions itself as a cross-border money transfer service, with a blockchain layer handling the transfer flow and a local currency withdrawal layer completing the transaction lifecycle for users.