We have seen for a while now that Korean Crypto Prices are 40% higher than in all the other places.
Generally when you look for the reasons on the internet they just state, that this is normal as koreans have huge demand for them and there is not enough supply.

This is really a stupid reason, as this is normally cleared by arbitrages from other places in the world. I can understand a 10-20% price difference because of local banks being very inefficient and expensive to transfer to. But I cannot believe that this is the issue in Korea with 40% price differences.

There should be a shit ton of verified users in Korea buying overseas and selling locally all day long, and repeating this until the prices in Korea are more or less the same.

It seems obvious that neither Koreans not Foreigners can do this.

The question is:

• Have Koreans capital controls, so that the money can not be sent from korean banks to foreign banks? (Like Cyprus)