With over 3 Million client, the exchange platform announced to stop deposits and withdrwawals to rupi and usd due to regulations.
This screenshot was supposedly taken at the moment of the announce.
So if Zebpay with 8 million trade has 3 million clients, it must mean that Okex has about 500 million users
Zebay had 0 influence on the price, for such a small exchange to trigger a nearly 1k drop is impossible.
Sorry to tell but you are wrong in your analysis. Zebpay app has over 3 millions downloads in India and it is the biggest exchange in India. The reason why volume shows up less because users instead of putting orders in book, mostly sell at the price of Buy Orders so these ain't count in Volume.
Now coming to dump. Immediately after the announcement mentioned in OP, price dumped $1600 (100K INR) on Zebpay. It also affected other Indian exchanges where prices fell by $300-600 on average. Even after 2 days of announcement, prices in India still aren't recovered and prices on Zebpay are around (-)15% of price before announcement.