Cryptocurrency exchanges in India

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) -

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Thanks Prayag, that was very helpful. I’m using Zebpay currently and hope not to see such a situation again