Will that mean the end of crypto for good (even though it would still be possible to get some crypto through decentralized exchanges)? After all, most people will be afraid of using crypto if it's declared "illegal".
There is a difference between banning Cryptocurrencies and banning Centralized Exchanges. But in both situations, what happens is a big chunk of the users will go away and there will be a specific part of them which will continue to use Bitcoin with Decentralized Exchanges, Peer to Peer transactions et cetera. Cryptocurrencies would however NOT die. I really doubt they would. Maybe all of them except a few, but Bitcoin definitely would not become obsolete.
Think of what Bitcointalk looked like a decade ago. This is how I would see Bitcoin in the situation where Centralized Exchanges are torn apart. If Cryptocurrencies are declared illegal, they may just continue to thrive in the underground markets.
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Regards,
PrivacyG