Zebpay, which is a big cryptocurrency exchange from India, has recently notified its users that it would not be able to let its users withdraw their tokens for INR if it did not have a supporting bank in a document titled “Prohibition on dealing in Virtual Currencies”.
After the notice was sent out, all the major cryptocurrencies, ranging from Bitcoin to Ethereum and Ripple were down by more than 10% in what is being called the India Flash Crash by some people.