I noticed cryptocurrencies are usually at a premium in Chinese exchanges at any given time, like ETH right now is sitting at $385USD while it is around $345 in US exchanges, that's a whopping 11% difference! So, as much as I'd like to just go ahead and experiment this, I have long lost my US/Canadian bank accounts so I can't get verified unless I can find some friends to do this for me. The idea is simple, not even using an arbitrage bot or anything, but simply deposit in US exchanges, buy some ETH/BTC and send them back to my local wallet. Then deposit these ETH/BTC into a Chinese exchange and convert that to cash. So essentially converting USD to CNY at a 11% premium (minus fees from the exchanges), is this theoretically possible? Am I missing anything here?
