It's pretty well-known, that most cryptocurrencies are traded at higher prices on Korean exchanges such as Bithumb and Upbit in the Crypto/KRW pairs. Compare for example the
XRP prices across exchanges.
This got especially popular when CoinMarketCap removed Korean exchanges from its price averaging, leading to a small flash crash of the whole market.
What's the reason for this and why isn't it exploited by arbitrage traders? Is withdrawing KRW a problem?
I know that Korea is a country with very strict rules about this market in general and bitcoin in particular. My friends live in Korea, they have to buy bitcoin at a higher price in other countries to $ 2000 a small number, in addition they have to pay extremely high taxes. These things show that you should not participate in the Korean market.