“After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated,” a notification from the FIU said on Thursday.
This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws.
It also told the information technology ministry to block their URLs for operating illegally in the country without complying with the local money laundering laws.
Apart from Binance, notices have been issued to Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Zhao was released last week on a $175 million bond and has a sentencing hearing on February 23.
World's largest crypto exchange Binance on Thursday took a U-turn on acquiring its rival FTX, saying it was backing out of the deal after reviewing the company's finances, leading to further fall in major cryptocurrencies.
Leading cryptocurrency exchange Coinbase has clarified that it only has $15 million worth of deposits on FTX to facilitate business operations and client trades, as it faced a partial outage.
Leading cryptocurrency exchange Binance's CEO Changpeng Zhao has said that his company invested $500 million in Elon Musk's Twitter because he is "extremely supportive" of free speech.
The Binance Blockchain, also known as BNB Chain, said that a total of 2 million BNB tokens -- worth nearly $568 million -- were initially stolen by the hacker.
The Binance CEO said that new claims regarding the activity of WazirX and how the stage is overseen by Zanmai Labs are of deep concern to Binance.
