New Delhi, Jun 20 (IANS): The Financial Intelligence Unit in India (FIU-IND) has imposed a penalty of Rs 18.82 crore on the world's largest crypto exchange Binance for violating anti-money laundering regulations.

"After considering the written and oral submissions of the Binance, Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated," the FIU has said in a notification.

Binance has also been asked to comply with "Chapter IV of the PMLA 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for prevention of money laundering activities and combating the financing of terrorism (AMLCFT) to maintain records of all transactions".

The move comes after online access to nine offshore exchanges in India was blocked for not registering and following local anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA).