Crypto Trading Platform Cumberland Will Stop Trading Filecoin

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Cumberland, a platform for trading cryptocurrencies, has announced that its decentralized Filecoin (FIL) cryptocurrency trading will end as a precaution in response to increased regulation of the US cryptocurrency market.

The company stated that the decision will take effect on June 1.

“All FIL transactions executed before this time will still be settled under the standard procedures,” the company revealed.

Filecoin is currently trading at $4.64 with a market capitalization of $1.9 billion, showing a 1.02% decrease in price since yesterday, according to CoinMarketCap.

Moreover, the US Securities and Exchange Commission commented that Filecoin meets the definition of a security, leading to Grayscale Investments filing an application for Grayscale Filecoin Trust’s investment registration.