What happened to all the cryptocurrency exchanges in India when the rbi had banned them? Also, what happened to people’s accounts that were created and the money in them?
I used to have an account with a cryptocurrency exchange called Koinex. They had to shut down due to the ban. They shared the reasoning behind it in a blog post -
As far as I know, most of these exchanges had introduced P2P transfers for deposits/withdrawals to circumvent the RBI ban. Here is an example of how that would work (a blog post from a different exchange called Bitbns) -
Thanks Prayag, that was very helpful. I’m using Zebpay currently and hope not to see such a situation again