The crypto crackdown is coming.

Bitcoin dropped 23 percent on Tuesday, the worst day for the digital currency in more than three years, after a South Korean official warned of an impending trading shutdown in one of the digital asset’s largest markets.

The price of bitcoin had tumbled to $10,465.54 as of 5:15 p.m. — a 21 percent drop from the day before, and the lowest price in six weeks.

The once red-hot crypto-asset is down by nearly 50 percent from Dec. 17, when it reached its all-time high of $20,089.00.

Traders sold off the digital currency after the finance minister in South Korea, the No. 3 bitcoin market, said the government is considering shutting down exchanges, according to Bloomberg.

The decision needs “serious” discussion among ministries, the finance minister, Kim Dong-yeon, said on a radio program.

The comments seemed to compound worries that governments aren’t going to tolerate a Wild West market environment for bitcoin and other crypto-assets such as Ethereum and Litecoin.

Chinese officials are considering cracking down on companies that mine, or create, new bitcoin.

In the US, the Securities and Exchange Commission has warned investors about crypto-coins — specialty digital assets built on the same blockchain underlying bitcoin — due to their volatility and because they are unregulated.

Still, Naeem Aslam, chief market analyst at ThinkMarkets, said in a research note that South Korea is “making a mockery of itself” with its crackdown.