Bitcoin fell 3.6% to $3,618.10 on the Investing.com Index, as of 9:15 AM ET (14:15 GMT).
Cryptocurrencies overall were lower, with the total coin market capitalization at $122 billion at the time of writing, compared to $127 billion on Thursday.
Meanwhile, 14 out of 21 South Korean crypto exchanges failed government security checks on Thursday. Only seven were given a full pass, while the others are “vulnerable to hacking attacks at all times because of poor security,” the South Korean Ministry of Economy and Finance said, according to Coindesk.
Cyber security is one of the biggest challenges to the digital currency sector. South Korea alone has lots millions of dollars in virtual coins due to hacks at various exchanges.
Meanwhile, in China, blockchain platforms must now censor content and give authorities access to data and user identity, according to the Cyberspace Administration of China. The new rules will take effect next month.
To trace user identity, real-name registration via a national ID or telephone number is required. Failure to comply with the rule will result in fines or prosecution.
Since 2017, China has banned all digital coins, initial coin offerings and domestic operation of local crypto exchanges.