https://qz.com/1185524/how-one-korean-trader-used-linkedin-to-skirt-the-law-on-arbitraging-cryptocurrency-prices/

South Korean officials say they won’t ban cryptocurrency trading, but they have been cracking down hard on the country’s freewheeling market. Among the biggest victims are shadowy groups that profited handsomely from the unique opportunity to arbitrage cryptocurrency in Korea. Regulators recently said that they identified $600 million worth of “illegal foreign exchange trading using cryptocurrency,” but offered no details about what they were doing about it.

In Korea, a combination of restrictive licensing rules, limits on international transfers, and consumer enthusiasm for cryptocurrencies periodically produces what has become known as the “kimchi premium.” At times, bitcoin has traded for nearly 60% more in Korea than on global benchmark exchanges. That presents an enticing opportunity for people to acquire bitcoins abroad to sell at a hefty markup in Korea.